Insurance Option. A Principal hired after July 1, 2019 is not eligible for this section. A Principal who retires pursuant to this Article shall receive a onetime payment to the Principal’s Health Care Savings Plan (HCSP) of $30,000 and will be eligible to continue participation in the District group medical/hospitalization insurance plan, if permitted by the terms of the policy with the insurance carrier, but shall pay the entire premium for such insurance commencing with the date of his/her retirement. It is the responsibility of such a principal to make arrangements with the District business office to pay the District the monthly premium amounts in advance and on such date as determined by the District. Such participation and corresponding premium is subject to insurance carrier contract currently in effect.
Appears in 3 contracts
Sources: Principal Agreement, Principal Agreement, Principal Agreement