Common use of Benefits for Early Retirees Clause in Contracts

Benefits for Early Retirees. Subject to conditions of insurance underwriters an employee who retires (as defined by XXXXX) from the Employer may retain coverage under the Group Life Insurance Plan, supplementary medical and semi-private hospital plan provided that the employee had the coverage at the time of retirement until he/she attains the age of sixty-five (65) years. The retired employee must pay in advance or pay monthly by pre-authorized debit from the retired employee's bank account the full premium costs to maintain participation and coverage under the group contract. The Employer reserves the right at anytime to establish a separate group for retirees for rating purposes.