Retirement Medical Program Clause Samples

Retirement Medical Program. Retirement is 55 years of age with 10 years of credited service or any age with 20 years of credited service, for the purposes of being eligible for the Early Retirement Medical Program. Any employee electing retirement and who is eligible for normal and elective commencement of benefits shall be entitled to the benefits, in effect on the date of making such an election. The Early Retirement Medical Program provides for a one-time election for employees who were enrolled in the City’s group medical insurance plan immediately preceding retirement to continue medical insurance until the retiree reaches the prevailing Medicare eligibility age. Continued participation in the group insurance plan for retirees who qualify for retirement under Chapter 112.0801 Florida State Statutes shall be permitted, provided that additional benefits identified in this Article shall be excluded unless the retiree meets the age and years of service requirements identified within this Article. Effective October 1, 2008, this election will provide retirees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002, and who meet the above definition of retirement, as a benefit, a $250.00 monthly stipend toward the then prevailing insurance premium. Any charges above the prevailing premium rates, either due to rate changes or family status, shall be the obligation of the retiree payable to the City of Coconut Creek to be paid quarterly in advance of the premium due date. The retiree shall be eligible to receive the monthly stipend until reaching the prevailing Medicare eligibility age. The monthly stipend is available only for retirees continuing coverage on the City’s medical insurance plan, except that the City will provide the stipend directly to retirees who move outside the network area if the City does not have a plan that provides out-of-network benefits. Such retirees must provide proof of health insurance at the City's request in order to receive the monthly stipend, and the stipend may not exceed the actual cost of the retiree's insurance. Individuals retiring during the term of this Agreement shall receive no more than $250 per month after the expiration of this Agreement. Effective October 1, 2009, 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....

Retirement Medical Program. Retirement is 55 years of age with 10 years of credited service or any age with 20 years of credited service, for the purposes of being eligible for the Retirement Medical Program, which provides for an election to continue medical insurance on the City’s group insurance plan. Any employee electing retirement and is eligible for normal and elective commencement of benefits shall be entitled to the benefits, in effect on the date of making such an election. Effective October 1, 2008, this election will provide retirees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002, and who meet the above definition of retirement, as a benefit, a $250.00 monthly stipend toward the then prevailing insurance premium. Any charges above the prevailing premium rates, either due to rate changes or family status, shall be the obligation of the retiree payable to the City of Coconut Creek to be paid quarterly in advance of the premium due date. The retiree shall be eligible to receive the monthly stipend until reaching the prevailing Medicare eligibility age. The monthly stipend is available only for retirees continuing coverage on the City’s medical insurance plan, except that the City will provide the stipend directly to retirees who move outside the network area if the City does not have a plan that provides out-of-network benefits. Such retirees must provide proof of health insurance at the City's request in order to receive the monthly stipend, and the stipend may not exceed the actual cost of the retiree's insurance. Individuals retiring during the term of this Agreement shall receive no more than $250 per month after the expiration of this Agreement. Effective October 1, 2009, 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. 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 meeting the retirement eligibility defined in this Section. Emergency medical withdrawal of vested funds will be permitted, pursuant to IRS guidelines.

Retirement Medical Program. Retirement is 55 years of age with 10 years of credited service or any age with 20 years of credited service, for the purposes of being eligible for the Retirement Medical Program, which provides for an election to continue medical insurance on the City’s group insurance plan. Any employee electing retirement and is eligible for normal and elective commencement of benefits shall be entitled to the benefits, in effect on the date of making such an election. Effective October 1, 2007, this election will provide, as a benefit, a $250.00 monthly stipend toward the then prevailing insurance premium. Any charges above the prevailing premium rates, either due to rate changes or family status, shall be the obligation of the retiree payable to the City of Coconut Creek to be paid quarterly in advance of the premium due date. The retiree shall be eligible to receive the monthly stipend until reaching the prevailing Medicare eligibility age. Individuals retiring during the term of this Agreement shall receive no more than $250 per month after the expiration of this Agreement.