Common use of The E Clause in Contracts

The E. I. Rebate shall, as in the past, accrue to the credit of the Board and shall be used to offset the cost of providing the benefits described in Article 16. (a) An employee who has attained at least the age of 55 and retires before the compulsory retiring age shall have the option of retaining coverage at the employee's own cost under the Dental, Semi- Private Hospital Care, and Extended Health Plans under the following conditions: (i) The employee must elect to retain coverage within thirty-one (31) days of retirement date; otherwise coverage shall be cancelled. (ii) If the employee withdraws from coverage at any time prior to age sixty-five (65), the employee shall be ineligible to re-enroll in coverage. (iii) Coverage shall remain in effect until age sixty-five (65) if the employee so elects. The employee shall pay to the Board in advance by submitting monthly post-dated cheques the full annual premium cost of the coverage; otherwise the coverage shall be cancelled. (iv) The benefits under the Extended Health Plan for a retiree shall be limited to $10,000 during the entire period of the member's coverage. (b) Effective first of the month following date of ratification, a member who has attained at least the age of fifty-five (55) and retires shall have the option of retaining a $30,000 life insurance policy until the age of sixty-five (65) (disability coverage not included). Such election must be made on or prior to retirement date. The member who so elects shall pay the full amount of the premium, annually, in advance, by submitting monthly post-dated cheques otherwise her/his coverage shall be cancelled. (c) All employees retiring on and after January 1, 2002, will be provided with the Retiree benefit Package as outlined in 16.06 above however, the premium rates will be determined by the overall rate experience for this retiree group.