Common use of Voluntary Early Retirement Plan Clause in Contracts

Voluntary Early Retirement Plan. Employees who have served continuously on a full-time basis for ten (10) years and are eligible for an annuity under the State Universities Retirement System which was created, and is governed by Article 15 of the Illinois Pension Code, Ill. Rev. Stat. ch. 108-1/2 115- 101 et seq. (hereinafter SURS), are eligible to participate in this voluntary early retirement plan. 1. Benefits under this program are provided without regard to age for employees who retire from the City Colleges of Chicago. 2. Applications for participation in the program shall be submitted in writing to the appropriate College President or his designee no later than 30 days prior to the date of intended retirement. Where an early retirement request hereunder may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant said early retirement. 3. With the exception of term life insurance, and disability and life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to active employees under this Agreement for a period of ten (10) years after retirement1 provided that health insurance coverage(s) shall be reduced to the extent that Medicare or comparable benefits are otherwise available to the early retiree. The Board shall also provide the early retiree with the same term life insurance available to active employees under this Agreement, except that there shall be a cap of $35,000, and it shall make the premium payments therefore, for a period of ten (10) years after retirement. 4. The early retiree shall also have the opportunity to purchase dependent health insurance coverage through the City Colleges health insurance program, at the cost to the retiree set forth in Appendix D. Premium payments for dependent insurance coverage shall be paid by the early retiree on a timely basis to the City Colleges. 5. In the event of the death of a voluntary retiree, the City Colleges will continue insurance coverage for the designated beneficiary for six (6) months following the month in which the death occurred, which period shall be credited towards the period of coverage required by the federal law known as “COBRA.”

Voluntary Early Retirement Plan. Employees who have served continuously on a full-time basis for ten (10) years and are eligible for an annuity under the State Universities Retirement System which was created, and is governed by Article 15 of the Illinois Pension Code, Ill. Rev. Stat. ch. 108-1/2 115- 101 et seq. (hereinafter SURS), are eligible to participate in this voluntary early retirement plan. 1. Benefits under this program are provided without regard to age for employees who retire from the City Colleges of Chicago. 2. Applications for participation in the program shall be submitted in writing to the appropriate College President or his designee no later than 30 days prior to the date of intended retirement. Where an early retirement request hereunder may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant xxxxx said early retirement. 3. With As of July 1, 2023, with the exception of term life insurance, and disability and life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to active employees under this Agreement for a period of of; 1) ten (10) years after retirement1 retirement, or 2) until the employee is eligible for Medicare, whichever occurs first, provided that health insurance coverage(s) shall be reduced to the extent that Medicare or comparable benefits are otherwise available to the early retiree. The Board shall also provide the early retiree with the same term life insurance available to active employees under this Agreement, except that there shall be a cap of $35,000, 40,000 and it shall make the premium payments therefore, for a period of ten (10) years after retirement. 4. The early retiree shall also have the opportunity to purchase dependent health insurance coverage through the City Colleges health insurance program, at the cost to the retiree set forth in Appendix D. Premium payments for dependent insurance coverage shall be paid by the early retiree on a timely basis to the City Colleges. 5. In the event of the death of a voluntary retiree, the City Colleges will continue insurance coverage for the designated beneficiary for six (6) months following the month in which the death occurred, which period shall be credited towards the period of coverage required by the federal law known as “COBRA.”

Voluntary Early Retirement Plan. Employees who have served continuously on a full-time basis for ten (10) years and are eligible for an annuity under the State Universities Retirement System which was created, and is governed by Article 15 of the Illinois Pension Code, Ill. Rev. Stat. ch. 108-1/2 115- 101 et seq. (hereinafter SURS), are eligible to participate in this voluntary early retirement plan. 1. Benefits under this program are provided without regard to age for employees who retire from the City Colleges of Chicago. 2. Applications for participation in the program shall be submitted in writing to the appropriate College President or his designee no later than 30 days prior to the date of intended retirement. Where an early retirement request hereunder may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant said early retirement. 3. With As of July 1, 2023, with the exception of term life insurance, and disability and life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to active employees under this Agreement for a period of of; 1) ten (10) years after retirement1 retirement, or 2) until the employee is eligible for Medicare, whichever occurs first, provided that health insurance coverage(s) shall be reduced to the extent that Medicare or comparable benefits are otherwise available to the early retiree. The Board shall also provide the early retiree with the same term life insurance available to active employees under this Agreement, except that there shall be a cap of $35,000, 35,000 and it shall make the premium payments therefore, for a period of ten (10) years after retirement. 4. The early retiree shall also have the opportunity to purchase dependent health insurance coverage through the City Colleges health insurance program, at the cost to the retiree set forth in Appendix D. Premium payments for dependent insurance coverage shall be paid by the early retiree on a timely basis to the City Colleges. 5. In the event of the death of a voluntary retiree, the City Colleges will continue insurance coverage for the designated beneficiary for six (6) months following the month in which the death occurred, which period shall be credited towards the period of coverage required by the federal law known as “COBRA.”COBRA.”‌‌

Voluntary Early Retirement Plan. Employees who have served continuously on a full-time basis for ten (10) years and are eligible for an annuity under the State Universities Retirement System which was created, and is governed by Article 15 of the Illinois Pension Code, Ill. Rev. Stat. ch. 108-1/2 115- 108½ ¶15- 101 et seq. (hereinafter SURS), are eligible to participate in this voluntary early retirement plan. 1. Benefits under this program are provided without regard to age for employees who retire from the City Colleges of Chicago. 2. Applications for participation in the program shall be submitted in writing to the appropriate College President or his designee no later than 30 days prior to the date of intended retirement. Where an early retirement request hereunder may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant said early retirement. 3. With the exception of term life insurance, and disability and life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to active employees under this Agreement for a period of ten (10) years after retirement1 retirement1, provided that health insurance coverage(s) shall be reduced to the extent that Medicare or comparable benefits are otherwise available to the early retiree. The Board shall also provide the early retiree with the same term life insurance available to active employees under this Agreement, except that there shall be a cap of $35,000, and it shall make the premium payments thereforetherefor, for a period of ten (10) years after retirement. 4. The early retiree shall also have the opportunity to purchase dependent health insurance coverage through the City Colleges health insurance program, at the cost to the retiree set forth in Appendix D. Premium payments for dependent insurance coverage shall be paid by the early retiree on a timely basis to the City Colleges. 5. In the event of the death of a voluntary retiree, the City Colleges will continue insurance coverage for the designated beneficiary for six three (63) months following the month in which the death occurred, which period shall be credited towards the period of coverage required by the federal law known as “COBRA.”

Voluntary Early Retirement Plan. Employees who have served continuously on a full-time basis for ten (10) years and are eligible for an annuity under the State Universities Retirement System which was created, and is governed by Article 15 of the Illinois Pension Code, Ill. Rev. Stat. ch. 108-1/2 115- 101 et seq. (hereinafter SURS), are eligible to participate in this voluntary early retirement plan. 1. Benefits under this program are provided without regard to age for employees who retire from the City Colleges of Chicago. 2. Applications for participation in the program shall be submitted in writing to the appropriate College President or his designee no later than 30 days prior to the date of intended retirement. Where an early retirement request hereunder may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant said early retirement. 3. With As of July 1, 2023, with the exception of term life insurance, and disability and life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to active employees under this Agreement for a period of of; 1) ten (10) years after retirement1 retirement, or 2) until the employee is eligible for Medicare, whichever occurs first, provided that health insurance coverage(s) shall be reduced to the extent that Medicare or comparable benefits are otherwise available to the early retiree. The Board shall also provide the early retiree with the same term life insurance available to active employees under this Agreement, except that there shall be a cap of $35,000, 35,000 and it shall make the premium payments therefore, for a period of ten (10) years after retirement. 4. The early retiree shall also have the opportunity to purchase dependent health insurance coverage through the City Colleges health insurance program, at the cost to the retiree set forth in Appendix D. Premium payments for dependent insurance coverage shall be paid by the early retiree on a timely basis to the City Colleges. 5. In the event of the death of a voluntary retiree, the City Colleges will continue insurance coverage for the designated beneficiary for six (6) months following the month in which the death occurred, which period shall be credited towards the period of coverage required by the federal law known as “COBRA.”