Common use of Retirement Health Insurance Payment Options Clause in Contracts

Retirement Health Insurance Payment Options. If the retiree satisfies the requirement(s) of their plan for continuance of benefits upon retirement or death, the College will pay the percentage of health insurance premiums required by the College Plan in effect at the time of retirement. The remainder of health insurance premiums on the plan in force at the time of retirement will be paid from a fund, not to exceed $10,000, to be established with accumulated sick leave days as converted to dollars at the employee's daily rate of pay at the time of retirement. Upon the death of the retiree, the College will continue to pay the percentage of health insurance premiums required by the Plan for the surviving spouse/designated partner of the retiree on the plan in effect at the time of death of the retiree. The retiree shall be given a complete statement of credits and costs before the decision on options is required. The employee shall receive an accounting of their fund by September 30 of each year. There shall be no monetary payment to retirees who choose not to participate in the College retirement health insurance.

Retirement Health Insurance Payment Options. If the retiree satisfies the requirement(s) of their his/her plan for continuance of benefits upon retirement or death, the College will pay the percentage of health insurance premiums required by the College Plan in effect at the time of retirement. The remainder of health insurance premiums on the plan in force at the time of retirement will be paid from a fund, not to exceed $10,0005,000, to be established with accumulated sick leave days as converted to dollars at the employee's daily rate of pay at the time of retirement. Upon the death of the retiree, the College will continue to pay the percentage of health insurance premiums required by the Plan for the surviving spouse/designated partner of the retiree on the plan in effect at the time of death of the retiree. The retiree shall be given a complete statement of credits and costs before the decision on options is required. The employee shall receive an accounting of their his/her fund by September 30 of each year. There shall be no monetary payment to retirees who choose not to participate in the College retirement health insurance.

Retirement Health Insurance Payment Options. If the retiree satisfies the requirement(s) of their his/her plan for continuance of benefits upon retirement or death, the College will pay the percentage of health insurance premiums required by the College Plan in effect at the time of retirement. The remainder of health insurance premiums on the plan in force at the time of retirement will be paid from a fund, not to exceed $10,000, to be established with accumulated sick leave days as converted to dollars at the employee's daily rate of pay at the time of retirement. Upon the death of the retiree, the College will continue to pay the percentage of health insurance premiums required by the Plan for the surviving spouse/designated partner of the retiree on the plan in effect at the time of death of the retiree. The retiree shall be given a complete statement of credits and costs before the decision on options is required. The employee shall receive an accounting of their his/her fund by September 30 of each year. There shall be no monetary payment to retirees who choose not to participate in the College retirement health insurance.