Common use of Retired Employee Clause in Contracts

Retired Employee. A retired employee enrolled as of the last day worked may continue a portion of coverage by paying the required premium contributions. Contributions shall be payable monthly through pension deductions. The required monthly contribution, which is not subject to change during the duration of this Collective Bargaining Agreement, is set forth in the Life Insurance Administration Manual. If eligible, coverage up to $150,000 or the amount in force as of the last day worked, whichever is less, may be continued. This amount cannot be increased, but may be decreased or cancelled at any time. Coverage may be changed from retired family coverage to retired employee coverage, but cannot be changed from retired employee coverage to retired family coverage. Retired employees and their family members are ineligible for loss of speech and hearing, loss of speech or hearing, loss of thumb and index finger benefits, or benefits described in C., (4), (5), or (6) above.

Retired Employee. A retired employee enrolled as of the last day worked may continue a portion of coverage by paying the required premium contributions. Contributions shall be payable monthly in advance through pension deductions. The required monthly contribution, which is not subject to change during the duration of this Collective Bargaining Agreement, is set forth in the Life Insurance Administration Manual. If eligible, coverage up to $150,000 or the amount in force as of the last day worked, whichever is less, may be continued. This amount cannot be increased, but may be decreased or cancelled at any time. Coverage may be changed from retired family coverage to retired employee coverage, but cannot be changed from retired employee coverage to retired family coverage. Retired employees and their family members dependents are ineligible for loss of speech and hearing, loss of speech or hearing, loss of thumb and index finger benefits, or benefits described in C., (4), (5), or (6) above.