Common use of Supplemental Retirement Clause in Contracts

Supplemental Retirement. 1. This Section applies only to teachers employed for the 2003/2004 school year. 2. Any teacher retiring at or after age 55 with 10 years of service to Xxxxxx Township School and before becoming eligible for health benefits under Part A of the Medicare Act will receive, if request is made to the Superintendent at the time of retirement, an annual cash payment of $3,000 paid to the employee’s individual VEBA account until the retiree becomes eligible for health benefits under Part A of the Medicare Act. The initial payment will be made in September of the following school year. These amounts will be payable from a voluntary employee’s beneficiary association (“VEBA”). 3. The allowance per retired teacher will be increased by 3% each year after the retired teacher’s initial year payment of $3,000. 4. Any teacher wishing to access this program shall notify the Superintendent in writing of his or her intention to retire prior to February 1 of the teacher’s final year of service. The retiring teacher must be 55 before September 1 of the following school year to access retirement benefits under this provision. For the year in which the teacher becomes eligible for Medicare, the amount paid to the teacher shall be the pro rata portion of the year from August 1 until the date of Medicare eligibility. 5. The teacher who retires under the supplement provided for in Article 4(C) will be allowed to remain in the Corporation’s group medical, vision and dental insurance until the retiree becomes eligible for health benefits under Part A of the Medicare Act provided the retiree pays the full cost of the insurance premium on a timely basis. The retiree’s individual VEBA account (if any) may be used to pay the insurance premium.

Supplemental Retirement. 1. This Section applies only to teachers employed for the 2003/2004 school year. 2. Any teacher retiring at or after age 55 with 10 years of service to Xxxxxx Township School and before becoming eligible for health benefits under Part A of the Medicare Act will receive, if request is made to the Superintendent at the time of retirement, an annual cash payment of $3,000 paid to the employee’s individual VEBA account until the retiree becomes eligible for health benefits under Part A of the Medicare Act. The initial payment will be made in September of the following school year. These amounts will be payable from a voluntary employee’s beneficiary association (“VEBA”). 3. The allowance per retired teacher will be increased by 3% each year after the retired teacher’s initial year payment of $3,000. 4. Any teacher wishing to access this program shall notify the Superintendent in writing of his or her intention to retire prior to February 1 of the teacher’s final year of service. The retiring teacher must be 55 before September 1 of the following school year to access retirement benefits under this provision. For the year in which the teacher becomes eligible for Medicare, the amount paid to the teacher shall be the pro rata portion of the year from August 1 until the date of Medicare eligibility. 5. The teacher who retires under the supplement provided for in Article 4(C) 4 D will be allowed to remain in the Corporation’s group medical, vision and dental insurance until the retiree becomes eligible for health benefits under Part A of the Medicare Act provided the retiree pays the full cost of the insurance premium on a timely basis. The retiree’s individual VEBA account (if any) may be used to pay the insurance premium.