Retirement Insurance Benefits. 1. Bargaining unit members who have served continuously for ten (10) years in the District and who retire under the State Teacher’s Retirement System provisions (straight/disability retirement) after age fifty-five (55) may elect to have employee only medical and prescription drug plan continue at District expense with the retiree contributing as provided in H.8. above until such time as the retiree reaches the age of eligibility for Medicare or becomes eligible for Medicare or other government- funded health insurance programs. Xxxxxxxx retired unit members who have elected to continue their medical and prescription drug plan may also, at their own expense, elect to enroll eligible dependents by submitting monthly payments to the District.
Retirement Insurance Benefits. 1. Bargaining unit members who have served continuously for ten (10) years in the District and who retire under the State Teacher’s Retirement System provisions (straight/disability retirement) after age fifty- five (55) may elect to have their medical and prescription drug plan continue, at District expense, until such time as the retiree reaches the age of eligibility for Medicare or becomes eligible for Medicare or other government- funded health insurance programs. Eligible retired unit members who have elected to continue their medical and prescription drug plan may also, at their own expense, elect to enroll eligible dependents by submitting monthly payments to the District.
Retirement Insurance Benefits. The School District shall contribute, in subsequent years following retirement, the same dollar amount toward insurance coverage that was contributed for the administrator during the final year of employment. This fixed figure will be paid until the administrator reaches Medicare eligibility. This provision shall not be continued, however, if the principal is re-employed in an annual, full-time position in educational administration/teaching or a similar administrative position in the private or public sector that is comparable in pay and benefits.
Retirement Insurance Benefits. A. For Employees hired prior to July 1, 2003. Upon retirement, an employee with at least 20 years of full time service shall be eligible to earn paid medical insurance for the employee between the ages of 50 and the employee becoming eligible for Medicare based upon the District paying 5% of the employee medical insurance premium for each 10.8 8-hour days (i.e.: for each 86.4 hours) of accumulated sick leave. Upon retirement, an employee with at least 20 years of full time service shall be eligible to earn paid medical insurance for the employee’s spouse, between the ages of 50 and the spouse becoming eligible for Medicare, based upon the District paying 8.335% of the employee’s spouse’s medical insurance premium for each 10.8 8-hour days (i.e.: for each 86.4 hours) of accumulated sick leave in excess of 216 days (1728 hours) upon the employee’s retirement. The retiree’s option of District paid medical insurance is a one-time option, which must be exercised in writing by the employee no later than 10 days after retirement. The employee must agree to have the employee portion of the medical insurance premium, if any, automatically deducted from his pension check. See Section “C” General Provisions. If an employee does not pay his portion of the employee insurance, his benefit for continued coverage at the District’s expense shall be terminated. If an employee does not pay his portion of the spouse insurance, then the spouse benefit for continued coverage at the District’s expense shall be terminated. As an alternative, qualified retiring employees shall have the option of receiving one day’s pay for every 4 accumulated sick days at the rate of pay upon retirement in lieu of the above- referenced retirement insurance benefits.
Retirement Insurance Benefits. The Board agrees to provide to each eligible employee covered by this Agreement, who voluntarily retires from services to the District on or after July 1,1990, the same insurance coverage as are provided to full-time employees pursuant to Section 10, Article VII of this Agreement, upon the same terms and conditions as apply to full-time employees (except for the requirements of membership in the bargaining unit and the provision as such employees be on the active payroll of and be providing services for the District as full-time employees). Such retirement insurance benefits shall be provided during the period of the eligible employee’s retirement, but ending at the attainment of age 65, or at such earlier age at which Medicare benefits are available to such retired employees, or at the death of the retired employee, all upon the following additional terms and conditions. There shall be no post-retirement health care coverage for any employee hired after July 1, 2018. Current employees will be grandfathered.
Retirement Insurance Benefits. The Employer shall contribute on a monthly basis four dollars ($4.00) for each year of an employee’s credited service toward hospitalization insurance premium costs for all eligible employees covered by this Agreement who retire after the date of its execution. The monthly contribution called for by this section shall not exceed one hundred dollars ($100.00).
Retirement Insurance Benefits. Upon retirement at normal age, an employee receive a paid-up life insurance policy. Further, the Drug and Major Medical Plan will be provided and paid for by the Company for as long as the employee lives and for the life of the surviving spouse.
Retirement Insurance Benefits. Section 1A. The Severance Program: (For Teachers who elected the severance option as of July 1, 1998.)
Retirement Insurance Benefits. Upon retirement at normal retirement age, an employee shall receive a paid-up life insurance policy. Further, the Drug and Major Medical Plan will be provided and paid for by the Company for as long as the employee lives and for the life of the surviving spouse. Optical Plan The Company agrees to provide an optical plan covering optical expenses for employees and dependants up to each, every two (2) years.
Retirement Insurance Benefits. If the Superintendent retires before or at the end of this Agreement, the District will pay health and dental insurance premiums for the retired Superintendent and his current spouse until age 65, with the amount subsidized by PSERS per month to be paid to the District by the retired employee or the current surviving spouse.
