Retired Employee Options Sample Clauses
The "Retired Employee Options" clause outlines the rights or benefits available to employees after they retire from an organization. Typically, this clause specifies which benefits, such as continued health insurance, pension payments, or stock options, remain accessible to retired staff and under what conditions these options can be exercised. By clearly defining post-retirement entitlements, the clause ensures that both the employer and the retired employee understand their ongoing obligations and rights, thereby preventing misunderstandings and disputes regarding post-employment benefits.
Retired Employee Options. Employees who retire under the provisions of the County's retirement contract with the Public Employees' Retirement System (PERS) may continue to insure themselves and their insured dependents for the health, dental and vision benefit portion of the health plan by advising the Director of Human Resources and advancing the full health insurance premium permitted by law. The retiree’s share of premium for the health benefit must be paid monthly and the premiums for vision and/or dental benefits must be paid quarterly for the employee (and dependents, if applicable). Employees with ten (10) years or more of compensated cumulative service with Butte County who, upon termination, immediately retire under the provisions of the County's contract with the Public Employees' Retirement System shall be eligible for the health benefit only coverage for themselves (employees only) to Medicare Supplemental Qualifying Age. For up to the first year of retirement, PERS members subject to this Memorandum of Understanding shall be entitled to twelve (12) months of reimbursable health premiums immediately following retirement. After the first year of retirement, miscellaneous members may choose one of the following two options:
1) to receive one (1) month of reimbursable health only premium for each day of sick leave on accrual at the date of retirement; or
2) one (1) month of reimbursable health plan benefits (employee only) will be granted for each day of accrued sick leave until the sick leave credit is exhausted or the employee reaches Medicare Supplemental Qualifying Age; and one (1) month of reimbursable health plan benefits for each one and one-half days in excess of thirty (30) days of accrued sick leave to cover employee's spouse until the sick leave credit is exhausted or spouse reaches Medicare Supplemental Qualifying Age. Enrollment of employee's spouse will be postponed until (date), but only if the spouse is eligible for enrollment to the health plan, effective that date, pursuant to the Health Insurance Portability and Accountability Act (HIPAA). This election is irrevocable and will revert to employee only coverage if employee's spouse is not eligible for enrollment on the effective date cited above pursuant to HIPAA. The sick leave originally allocated for the coverage of the employee's spouse shall be forfeited if the employee's spouse is not enrolled in the health plan on theeffective date cited above. Rights to continuation of health coverage above is in a...
Retired Employee Options. City agrees to pay one hundred sixty dollars ($160) per month of a qualified retiree’s PERS medical premium in accordance with PERS regulations. Employees who retire under the provisions of the City’s retirement contract with the Public Employees’ Retirement System (PERS) may continue to insure themselves and their insured dependents for the health benefit portion of the health plan through a direct pension reduction to cover the portion of the retired employees’ premium not paid by the City’s one hundred sixty ($160) retiree contribution.
Retired Employee Options. All Retirees
Retired Employee Options. City agrees to pay one hundred sixty dollars ($160) per month of a qualified retiree’s PERS medical premium in accordance with PERS regulations. Employees who retire under the provisions of the City’s retirement contract with the Public Employees’ Retirement System (PERS) may continue to insure themselves and their insured dependents for the health benefit portion of the health plan through a direct pension reduction to cover the portion of the retired employees’ premium not paid by the City’s one hundred sixty ($160) retiree contribution. • State Disability Insurance. Management/Mid-management employees participate in the State Disability Insurance program. All premium costs are borne by the Employee. • Section 125 Plan - The City agrees to maintain the Internal Revenue Section 125 Premium Only Plan.
Retired Employee Options. City agrees to pay one hundred sixty dollars ($160) per month of a qualified retiree’s medical premium in accordance with NCGTSF/Teamsters Retiree Trust regulations. Employees who retire under the provisions of the City’s retirement contract with the NCGTSF/Teamsters Retiree Trust may continue to insure themselves and their insured dependents for the health benefit portion of the health plan. Retirees who are not Medicare eligible can enroll in Select Plus or enroll with the Teamsters Retiree Trust health plan. Retirees who are Medicare eligible can only enroll in Teamsters Retiree Trust. The employee/retiree shall remit payment to the portion not paid by the City’s one hundred sixty dollars ($160) retiree contribution. The City will pay towards NCGTSF/Teamsters Retiree Trust medical $160 per month as long as the annuitant is participating in a NCGTSF/Teamsters Retiree Trust medical plan. Payments will be in accordance with NCGTSF/Teamsters Retiree Trust Policies. The City agrees to allow a Medical Insurance Fund to be chosen by the unit and employees can participate through a payroll deduction at their own cost. The City reserves the right to decline a plan if it is cost prohibitive to the City. • SDI. - Police Unit employees participate in the State Disability Insurance Program. All premium costs are borne by the employee. • Section 125 Plan - The City agrees to maintain the Internal Revenue Section 125 Premium Only Plan.