Common use of Benefit Schedule Clause in Contracts

Benefit Schedule. a. When a bargaining unit member is approved for participation in the retirement incentive program as specified above, the employee will receive a one-time stipend of 10% of the final base salary the month following the retirement date. An amount equal to the final base salary will be paid in equal monthly payments over the four-year period beginning the month following the retirement date (48 monthly payments). b. A stipend at retirement equal to four annual installments of the CIP (College Insurance Plan) indemnity plan annual rate divided by 69%, readjusted annually according to the new yearly rate. The initial stipend will be based on the July 1 rate closest to the retiree’s retirement date. c. Retirees may choose to remain in the Parkland Health Care Plan as required by COBRA. d. Should the CIP Plan be discontinued, eligible retirees would be allowed to reinstate coverage under the Parkland Plan. e. Upon the death of the participant prior to payment in full of the deferred benefit, such benefit shall be payable to the participant’s surviving spouse, or, if there is no surviving spouse, to a designated beneficiary or the participant’s estate.