Retirement Medical Compensation Program Sample Clauses

Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Sergeant prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows: i. Effective FY 2023, the amount of the one-time deposit shall equal three hundred dollars ($300.00) times the number of months between retirement and the month the retiree would turn age 65 (capped at 120 months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement. b. Individuals retiring during the term of this Agreement shall receive no more than the amounts detailed in this Agreement. c. Employees in the unit who were hired as a City of Coconut Creek Police Officer/Trainee/Sergeant on or after January 1, 2002, shall receive a City contribution in the amount of two-percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two years of City service, with full vesting reached upon retirement with at least 55 years of age with 15 years of City service or any age with 25 years of City service. Employees are eligible to use vested funds for eligible expenses upon separation from City employment. Note: Although employees transferring/promoting/demoting to a position ineligible for this benefit will no longer receive contributions, such employees will continue to vest while continuously employed with the City and will be eligible to use funds under the terms and conditions (including vesting requirements) provided in the agreement that is in effect at the time of employment separation for the final position in which the employee was eligible for the benefit.
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Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows: i. The amount of the one-time deposit shall equal two hundred fifty dollars ($250.00) times the number of months between retirement and the month the retiree would turn age 65 (capped at 120 months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement. b. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal on or after January 1, 2002, shall receive a City contribution in the amount of two percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two (2) years of City service, with full vesting reached upon retirement with at least 55 years of age with 15 years of City service or any age with 25 years of City service. Employees are eligible to use vested funds upon separation from City employment. c. Individuals retiring during the term of this Agreement shall receive no more than the amounts detailed in this Agreement.
Sample 1
Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows:The Retirement Medical Compensation Program provides a stipend to retirees who retire with at least 55 years of age and 10 years of City service or at any age with 25 years of City service, who were hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002, payable as follows: i. The amount of the one-time deposit shall equal two hundred fifty dollars ($250.00) times the number of months between retirement and the month the retiree would turn age 65 (capped at 120 months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday.Retirees who opt to continue participation in the City’s group medical insurance plan shall receive the stipend equivalent to $300 per month until such time that he or she is no longer enrolled in the group health insurance plan or he or she reaches the prevailing Medicare eligibility age, whichever comes first. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement. Retirees who do not participate or do not continue participation in the City’s group health insurance plan immediately upon retirement shall receive a one-time taxable lump sum payment equivalent to $200.00 for each month between retirement and the month he or she would turn age 65. b. Effective October 1, 2009, employees Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal on or after January 1, 2002, shall receive a City contribution in the amount of two percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two
Sample 1
Retirement Medical Compensation Program 
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Related to Retirement Medical Compensation Program

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

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