Twenty (20) Years and Age Sixty Sample Clauses

Twenty (20) Years and Age Sixty. (60) For employees who retire from employment (FTR or PTR) with twenty (20) or more years of benefitted employment (FTR or PTR) who are age sixty (60) but under age sixty-five (65), the Hospital will contribute an amount equal to $100 x years of benefitted service/12 towards the cost of the above coverage, commencing the first of the month following the employee’s attainment of age sixty (60) and ending when the employee reaches age sixty-five (65) or becomes Medicare eligible, whichever comes first. To be eligible for this benefit, the employee must enroll in the applicable HMO period no later than the open enrollment period preceding the employee’s retirement. For employees who retire from employment (FTR or PTR) with twenty (20) or more years of benefitted employment (FTR or PTR) at or over age sixty-five (65), the Hospital will contribute an amount equal to $50 x years of benefitted service / 12 towards the cost of the above coverage for a documented Medicare supplement plan for ten (10) years. It is the understanding of the parties that this language represents the current benefits with no changes.
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Related to Twenty (20) Years and Age Sixty

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