Common use of Retiree Health Coverage Clause in Contracts

Retiree Health Coverage. A Teacher exercising the option of participating in the Annuity Plan of Article IV., F. or hired in the 2000-2001 school year or later shall not be entitled to any benefits under this Article IV., E. A retired Eligible Teacher enrolled in the School Corporation’s standard hospitalization insurance plan during the school year immediately preceding retirement, may continue to be enrolled in the hospitalization plan until the Eligible Teacher’s sixty- fifth (65th) birthday, but such participant shall be responsible for the payment of the entire insurance premiums applicable to the Eligible Teacher’s insurance coverage. It will be the responsibility of the participant to pay such insurance premiums in the manner designated by the Superintendent. An Eligible Teacher who retires during or after the 1997-1998 school year and is enrolled, immediately prior to retirement, in the School Corporation’s Health Insurance plan and continues to be enrolled until the Eligible Teacher’s 60th birthday anniversary shall be entitled to thereafter receive Seven Hundred Fifty Dollars ($750.00), to be paid toward the School Corporation’s Health Insurance Plan, for five (5) years or until the Eligible Teacher qualifies for Medicare, whichever occurs first.