Common use of Benefits Only Option Clause in Contracts

Benefits Only Option. 14.2.2.1 The District shall contribute the following toward employee medical, dental or vision insurance coverage for unit members who retire between the ages of 50 and 65 years who have rendered at least fifteen (15) years of continuous service including Board-approved leave in the District immediately prior to retirement. Such District-paid insurance shall in no event continue (a) for more than five (5) years or (b) past age 65 or (c) until the employee otherwise receives medical or dental insurance, whichever occurs first. Such District-paid insurance shall be the same or equivalent to the insurance benefits furnished to regular fulltime employees. Amount Applied for Health Benefits $2,500 3,000 3,500 14.2.2.2 The retiree shall have the choice to participate in a medical, vision, and/or dental insurance plan offered by the District. 14.2.2.3 The employee may choose to have an amount taken from yearly compensation to be held by the District in an interest bearing account for medical and dental benefits to be used for up to the number of years until the employee reaches the age of 65 to pay for medical, vision, and dental benefits. If for any reason, the employee no longer wishes to receive medical, vision, and dental benefits from the District, the District will return the balance of the withheld monies within thirty (30) days of written notification to the District. Accrued interest, if any, will be remitted to the employee at the end of the last year the employee receives benefits under this program.