Incentive for Employees Sample Clauses

Incentive for Employees. Hired After August 26, 2002 Who Have Not Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1, was hired after August 26, 2002 and has not attained 100% credit for years of service; may elect, either during the pay period in which his/her fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the Early Retirement Incentive specified herein. As and for such incentive, the Employer shall pay each month, until the employee reaches age sixty-five (65), an amount equal to the employee’s appropriate years of service percentage times the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of his/her retirement; provided that on the employee’s 55th birthday the Employer is paying the full Employer contribution for health and dental coverage, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her 55th birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.
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Incentive for Employees. Hired On or Before August 26, 2002 and Employees Hired After August 26, 2002 Who
Sample 1

Related to Incentive for Employees

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

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