Twenty-Five-Year Retiree-Medical Benefit Sample Clauses

Twenty-Five-Year Retiree-Medical Benefit. For unit members who retire under a normal service retirement with a minimum of 25 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $300 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 plan with Medicare. 1. For unit members hired after March 31, 1986, who retire under a normal service retirement on or after January 1, 2005, with a minimum of 25 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $300 per month toward the retiree-only or retiree-and-dependent (spouse/qualified domestic partner) medical insurance premium and Medicare Part B, 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. In the event that the retiree and/or dependent fail to integrate the City-provided health care plan with Medicare, the retiree and/or his/her dependent shall be responsible for any monetary penalty and excess rates assessed by Medicare and/or the City- sponsored health care plan. 2. For unit members...
Sample 1
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Twenty-Five-Year Retiree-Medical Benefit. For unit members who retire under a normal service retirement with a minimum of 25 years of continuous, full-time service to the City (or members with a minimum of 30 years of cumulative, full-time service to the City, of which a minimum of 10 years are continuous and contiguous to the date of retirement), and having attained the retirement age of 50, the City will contribute up to $532.16 per month toward retiree-only medical insurance, or the dollar amount representing the maximum City contribution for employee-only coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is less. The retiree is 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 portion of the monthly contribution shall be paid 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 is responsible for coordinating his/her City-provided medical care plan with Medicare. 1. For employees hired after March 31, 1986, who retire under a normal service retirement on or after January 1, 2005, with a minimum of 25 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $532.16 per month toward retiree-only medical insurance and Medicare Part B, or the dollar amount representing the maximum City contribution for employee-only coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is less. In the event that the retiree fails to integrate the City- provided health care plan with Medicare, the retiree shall be responsible for any monetary penalty and excess rates assessed by Medicare and/or the City-sponsored health care plan. 2. For employees hired before April 1, 1986, who retire under a normal service retirement on or after January 1, 2005, with a minimum of 25 years of continuous, full-time service to the City and having attained the retirement age of 50, the City shall contribute up to $532.16 per month toward retir...
Sample 1
Twenty-Five-Year Retiree-Medical Benefit. For management employees who retire under a normal service retirement with a minimum of 25 years of continuous, full-time service to the City (or employees with a minimum of 30 years of cumulative, full-time service to the City, of which a minimum of 10 years are continuous and contiguous to the date of retirement), and having attained the retirement age of 50, the City will contribute up to $551 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 employee-and-dependent coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is less. The retiree 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 portion of the monthly contribution shall be paid 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. For retired employees enrolled in a retiree-only medical plan, the City will contribute toward the retiree's monthly dental and optical premiums in lieu of contributing to dependent coverage. Selection of this option and enrollment in a City group dental and/or optical plan must be completed prior to the actual date of retirement. Enrollment/reenrollment after retirement is not permitted. In no event, however, will the City's combined contributions toward medical, dental, and optical insurance premiums exceed $551, or the dollar amount representing the maximum City contribution for employee-and-dependent coverage under City group medical plans and group medical rates, whichever is less. At age 65, the retiree and/or dependent is/are responsible for coordinating the City- provided medical care plan with Medicare. 1. For employees hired after March 31, 1986, who retire under a normal service retirement on or after January 1, 2005, with a minimum of 25 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $551 p...
Sample 1

Related to Twenty-Five-Year Retiree-Medical Benefit

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  • 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.

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  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

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  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

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