Retirement Insurance Program Sample Clauses

Retirement Insurance Program. If EMPLOYEE retires after age fifty (50), and prior to age sixty-five (65), and has served the DISTRICT for ten (10) consecutive years prior to retirement, the DISTRICT will contribute eighty percent (80%) of the DISTRICT’s normal contribution for active employees’ health coverage, up to a maximum of $2,400 per year. This benefit will cease upon EMPLOYEE reaching age sixty-five (65). Upon EMPLOYEE’s death after retirement, EMPLOYEE’s surviving spouse shall not be eligible for this benefit. Should EMPLOYEE have retired and have served the DISTRICT for a minimum of fifteen (15) consecutive years immediately prior to retiring, the DISTRICT shall contribute a maximum of two hundred thirteen dollars and thirty-two cents ($213.32) per month toward the health insurance supplement to Medicare, or the cost of the health insurance supplement to Medicare, whichever is less, until EMPLOYEE reaches age seventy (70). Upon death of EMPLOYEE, surviving spouse shall not be eligible for any benefit contribution. EMPLOYEE shall be eligible to receive the DISTRICT contribution toward the designated retiree health care supplement as mutually determined by the Parties. To be eligible for this benefit, EMPLOYEE shall have attained the age of sixty-five (65). Coverage shall continue until age seventy (70). Upon death of EMPLOYEE, surviving spouse shall not be eligible for any benefit contribution. To be eligible for this option, EMPLOYEE must have attained age fifty-five (55), and have served the DISTRICT a minimum of ten (10) years. Should EMPLOYEE retire early (prior to age 65), and wish to continue coverage under the DISTRICT’s health insurance program, the DISTRICT will contribute a maximum of seventy percent (70%) of the DISTRICT’s contribution to the premium of the health insurance program. This benefit terminates when EMPLOYEE reaches age sixty-five (65) at which point EMPLOYEE shall no longer be eligible to receive a DISTRICT contribution toward the health insurance premium. EMPLOYEE and EMPLOYEE’s spouse may continue to participate in the DISTRICT health insurance program at their own expense.
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Retirement Insurance Program. If EMPLOYEE retires after age fifty (50), and prior to age sixty-five (65), and has served the DISTRICT for ten (10) consecutive years prior to retirement, the DISTRICT will contribute eighty percent (80%) of the DISTRICT’s normal contribution for active employees’ health coverage, up to a maximum of $2,400 per year. This benefit will cease upon EMPLOYEE reaching age sixty-five (65). Upon EMPLOYEE’s death after retirement, EMPLOYEE’s surviving spouse shall not be eligible for this benefit. Should EMPLOYEE have retired and have served the DISTRICT for a minimum of fifteen
Sample 1Sample 2
Retirement Insurance Program. Retirees under the Retirement Incentive Option Plan shall not be eligible to remain on District insurance, except in accordance with COBRA. In consideration for the irrevocable notice of intent to retire and retirement under TRS and the contractual Retirement Incentive Option Plan, the District shall make a four (4) year cash payment (as a contribution toward TRIP or other non-District insurance) following retirement in the amount of three hundred seventy five ($375) per month for single and an additional two hundred fifty dollars ($250) per month for a Teacher’s spouse. In lieu of monthly insurance contributions, the retiree may elect a cash payment made in a lump sum payment within thirty (30) days following retirement, in the amounts of eleven thousand two hundred fifty ($11,250) for single and seven thousand five hundred dollars ($7,500) for a Teacher’s spouse. Monthly installments will be made on the fifteenth (15th) of each month. To be eligible for either the monthly contribution or the lump sum payment, the Teacher and/or spouse, if applicable, must have been enrolled in the District’s insurance plan for at least two (2) school years immediately preceding the date of the Teacher’s retirement from the District.
Sample 1

Related to Retirement Insurance Program

  • Insurance Program An eligible employee may waive rights to participate in either single or family coverage. If an employee waives this benefit, such employee may not revoke the waiver until the next open enrollment period and may be accepted only after medical review by the insurance provider.

  • Insurance Programs 35.1 Fringe Benefits a. The Board agrees to provide the: Individual core plan premium on behalf of each regular full time employee Part-time regular employees may receive pro-rated insurance benefits if eligible by the carrier. b. When an employee and legally recognized spouse are both employed by the district and are eligible for the school district group plan, the district shall, at the employees' option, combine the district's insurance contribution toward the family plan.

  • Employment Insurance Rebate The short-term sick leave plan shall be registered with the Employment Insurance Commission (EIC). The nurses' share of the employer's Employment Insurance premium reduction will be retained by the Hospital towards offsetting the cost of the benefit improvements contained in this agreement.

  • Employment Insurance ‌ Employment insurance coverage will be provided during the life of this agreement for regular and auxiliary employees who would, if employed by a private employer, be eligible for such coverage under the provisions of the Employment Insurance Act.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • Group Insurance Plan The carriers, coverage, and terms and conditions of participation under the District’s Group Insurance Plan are subject to change in accordance with the applicable provisions of Title I, Division 4, Chapter 10 of the California Government Code (Section 3500 et seq.) (Xxxxxx‐Milias‐Xxxxx Act). a. The District contracts with CalPERS for health plan coverage for all regular and newly hired employees (eligibility to be defined by the “CalPERS health plan”). Booklets on the insurance plans will be available to all participants. b. Employees may choose from the available plans offered by CalPERS. Additional premiums will be borne by the employee through payroll deductions and paid to CalPERS by the District each month; and the additional cost for monthly premiums will be deducted evenly from the first and second payroll period of each month. To the extent allowed by law, the District will attempt to deduct the employee’s premium contribution from pre‐tax dollars.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Retiree Health Insurance Retired members of the Department receiving, or to receive City of Lincoln monthly pension checks, may participate in the group comprehensive health care plan for active City employees, provided that each retiree so desiring will execute the required forms in a timely fashion, and further provided that each retiree will be required to pay the full monthly cost at the current rates subject to any rate increases which may occur from time to time. Such payment will be made by payroll deduction from pension checks, or by direct payment in the case of an early retiree.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

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