Common use of Conversion at Retirement Clause in Contracts

Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 standing at age 65 with at least ten years of continuous service immediately preceding 8 their retirement date or at age 60 with at least 15 years of continuous service 9 immediately preceding their retirement date will be eligible to use a percentage of their 10 banked EIH hours to purchase a Medicare supplement to the extent permitted by law or 11 COBRA continuation coverage under any health plan other than a health flexible 12 spending account according to the benefit table below. Otherwise, EIH benefits are not 13 eligible for conversion or cash-out and are recognized instead as a form of insurance 14 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50%

Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 standing at age 65 with at least ten years of continuous service immediately preceding 8 their retirement date or at age 60 with at least 15 years of continuous service 9 immediately preceding their retirement date will be eligible to use a percentage of their 10 banked EIH hours to purchase a Medicare supplement to the extent permitted by law or 11 COBRA continuation coverage under any health plan other than a health flexible 12 spending account according to the benefit table below. Otherwise, EIH benefits are not 13 eligible for conversion or cash-out cashout and are recognized instead as a form of insurance 14 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50%

Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 standing 12 at age 65 sixty-five (65) with at least ten (10) years of continuous service immediately preceding 8 their retirement date or at age 60 with at least 15 years of 14 continuous service 9 immediately preceding their retirement date will be eligible to use a 15 percentage of their 10 banked EIH hours to purchase a Medicare supplement to the extent 16 permitted by law or 11 COBRA continuation coverage under any health plan other than a 17 health flexible 12 spending account according to the benefit table below. Otherwise, EIH 18 benefits are not 13 eligible for conversion or cash-out cashout and are recognized instead as a form 19 of insurance 14 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50% 30 years or more 60%

Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 18 standing at age 65 with at least ten years of continuous service immediately preceding 8 19 their retirement date or at age 60 with at least 15 years of continuous service 9 20 immediately preceding their retirement date will be eligible to use a percentage of their 10 21 banked EIH hours to purchase a Medicare supplement to the extent permitted by law or 11 22 COBRA continuation coverage under any health plan other than a health flexible 12 23 spending account according to the benefit table below. Otherwise, EIH benefits are not 13 24 eligible for conversion or cash-out and are recognized instead as a form of insurance 14 25 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50%

Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 standing at age 65 sixty-five (65) with at least ten (10) years of continuous service immediately preceding 8 their retirement date or at age 60 sixty (60) with at least 15 fifteen (15) years of continuous service 9 immediately preceding their retirement date will be eligible to use a percentage of their 10 banked EIH hours to purchase a Medicare supplement to the extent permitted by law or 11 COBRA continuation coverage under any health plan other than a health flexible 12 spending account according to the benefit table below. Otherwise, EIH benefits are not 13 eligible for conversion or cash-out cashout and are recognized instead as a form of insurance 14 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50%