Coverage on Retirement Clause Samples
The "Coverage on Retirement" clause defines the terms under which insurance or benefit coverage continues or changes when an individual retires. Typically, this clause outlines whether certain benefits, such as health insurance or life insurance, remain in effect, are reduced, or terminate upon retirement, and may specify eligibility requirements or conditions for continued coverage. For example, it might state that retirees can maintain health coverage by paying premiums or that life insurance coverage reduces to a specified amount. The core function of this clause is to provide clarity and certainty regarding post-retirement benefits, helping both employers and employees understand their rights and obligations after retirement.
Coverage on Retirement. Employees shall have the option to transfer their health care coverage on retirement to the Group Plan applicable or equivalent coverage as administered by the Employer for retired employees.
Coverage on Retirement. Employees shall have the option to transfer their health care coverage on retirement to the Group Blue Cross Plan applicable or equivalent coverage as administered by the Employer for retired employees.