Thirty-Year Retiree-Medical Benefit Sample Clauses

Thirty-Year Retiree-Medical Benefit. For unit members who retire under a normal service retirement with a minimum of 30 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $400 per month toward retiree- only or retiree-and-dependent (spouse/qualified domestic partner) medical insurance, or the dollar amount representing the maximum City contribution for active employee-only coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is greater; provided, however, that the maximum City contribution shall not exceed $532.16 per month. The retired employee and/or dependent is/are responsible for paying any co-payments required by the health care provider and/or any additional premium payments above the City’s maximum monthly contribution. The retiree and/or dependent portion of the monthly contribution shall be paid to the City during the first week of each month, with a grace period not to exceed 30 days. Late payments for health care coverage that exceed the 30-day grace period shall be cause for automatic disenrollment in the City’s group health plans. Conditions for health care coverage, enrollment, and processing procedures are established in accordance with legal requirements and conditions set by applicable health insurance carriers. At age 65, the retiree and/or dependent is/are responsible for coordinating his/her/their City-provided medical care plan with Medicare.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Thirty-Year Retiree-Medical Benefit

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

Time is Money Join Law Insider Premium to draft better contracts faster.