Continuation of Coverage After Retirement Sample Clauses

Continuation of Coverage After Retirement. The city will pay the employer’s share of the health insurance premiums of the City of Moline’s group health insurance program for retired employees aged 55 to 65 (police and fire, aged 50 to 65) and for those employees who are on a disability pension at any age. Employees retiring as deferred pensioners as defined in 215 ILCS 5/367g may participate, along with dependents, in the city’s health insurance program, but completely at their own cost until the month in which the employee attains the age of fifty (50) years, at which time the city will pay for the employee’s participation in accordance with the schedule of rates herein. However, the city shall not pay the health insurance premium for those retired who are eligible to be covered by another health insurance program due to subsequent employment. Furthermore, the city shall require the retired or disabled employee to file a statement annually indicating that the employee is not eligible through employment with another employer to be covered by another health insurance program. If a retiree, once eligible, becomes ineligible to be covered by another health insurance program or leaves such other employment, that retiree shall be allowed coverage under the city’s group health insurance program at the then bargained for rate for said retiree’s coverage type and age category. However, any coverage under said group health insurance shall be such that Medicare shall be the primary coverage. Any employee who retires on or prior to April 1, 1988, shall have the right to choose the following coverage options under the health insurance program:
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Continuation of Coverage After Retirement. For employees hired prior to January 1, 2020, the city will pay the employer’s share of the health insurance premiums of the City of Moline’s group health insurance program for retired employees aged 55 to 65 (police and fire, aged 50 to 65) and for those employees who are on a disability pension at any age. Employees retiring as deferred pensioners as defined in 215 ILCS 5/367g may participate, along with dependents, in the city’s health insurance program, but completely at their own cost until the month in which the employee attains the age of fifty (50) years, at which time the city will pay for the employee’s participation in accordance with the schedule of rates herein. However, the city shall not pay the health insurance premium for those retired who are eligible to be covered by another health insurance program due to subsequent employment. For employees hired on or after January 1, 2020, the city will not pay any portion of the health insurance premiums of the City of Moline’s group health insurance program for retired employees under the age of eligibility for Medicare. In lieu of paying a portion of the health insurance premiums, the city will contribute one thousand dollars ($1,000) per year on the first full pay period beginning on or after January 1 to a Retiree Health Savings account on behalf of non-probationary employees hired on or after January 1, 2020. Said employees will contribute $10.00 per pay period to their Retiree Health Savings account through a payroll deduction. Furthermore, the city shall require the retired or disabled employee, regardless of date of hire, who participate in the city’s health insurance program to file a statement annually indicating that the employee is not eligible through employment with another employer to be covered by another health insurance program. If a retiree, once eligible, becomes ineligible to be covered by another health insurance program or leaves such other employment, that retiree shall be allowed coverage under the city’s group health insurance program at the then bargained for rate for said retiree’s coverage type, hire date category and age category. However, any coverage under said group health insurance shall be such that Medicare shall be the primary coverage. Any employee who retires on or prior to April 1, 1988, shall have the right to choose the following coverage options under the health insurance program:
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Related to Continuation of Coverage After Retirement

  • Continuation of Coverage If your coverage is terminated, you may be eligible to continue your coverage in accordance with state or federal law. Continuation of Coverage According to State Law In accordance with R.I. General Laws §. 27-19.1, if your employment is terminated due to one of the following reason, your healthcare coverage may be continued, provided that you continue to pay the applicable premiums. • Involuntary layoff or death; • The workplace ceasing to exist; or • Permanent reduction in size of the workforce. The period of this continuation will be for up to eighteen (18) months from your termination date, but not to exceed the period of continuous employment preceding termination with your employer. The continuation period will end for any person covered under your policy on the date the person becomes employed by another group and is eligible for benefits under that group’s plan.

  • Termination of Coverage This Contract may be terminated as follows:

  • Duration of Coverage All required insurance shall be maintained during the entire term of the Agreement. In addition, Insurance policies and coverage(s) written on a claims-made basis shall be maintained during the entire term of the Agreement and until 3 years following the later of termination of the Agreement and acceptance of all work provided under the Agreement, with the retroactive date of said insurance (as may be applicable) concurrent with the commencement of activities pursuant to this Agreement. 3.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Life Insurance Upon Retirement 32.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00 payable to his estate upon his death.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

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