Retirement Medical Compensation Program Clause Samples
The Retirement Medical Compensation Program clause establishes the terms under which retired employees receive medical benefits or compensation related to healthcare expenses. Typically, this clause outlines eligibility criteria, the scope of covered medical costs, and the process for claiming benefits, such as requiring proof of retirement status and medical expenses incurred. Its core function is to provide financial support for retirees' healthcare needs, thereby offering security and predictability for employees transitioning out of the workforce.
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.
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
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.
Retirement Medical Compensation Program