Plan Description. The Systems RHI Plan provides medical benefits to eligible retired employees under a defined benefit post-employment health care plan. The contribution requirements of the RHI Plan members and the System are established and may be amended by the Systems Board of Directors. Current retiree RHI Plan members who are receiving benefits do not contribute to the RHI Plan as the System covered their health insurance based on current Medicare regulations, which made the RHI Plan the secondary payer with Medicare paying as the primary payer. Employees who retire at age 65 or later with 20 years of continuous full-time service or equivalent part-time service will receive, if they elect retiree health coverage, a $2,500 check each year for the rest of their life, which will be increased in subsequent years by 2%.
Appears in 3 contracts
Sources: Mission Agreement, Mission Agreement, Mission Agreement