Common use of Retiree Benefit Program Clause in Contracts

Retiree Benefit Program. Unit members, except those hired on or after July 1, 2014, who retire from the District on or after June 1, 1992, under the State Teachers Retirement System with a minimum of fifteen (15) years of District service shall be eligible to receive a District contribution of up to the full cost of the District's employee Benefit Programs 1, 2, 3, as listed in Article XVI but not in excess of $300 per month. Unit members hired on or after July 1, 2014, shall not be eligible for the Retirement Benefit Program. Such contribution shall be made for each eligible unit member who elects to participate in the program. Insurance carriers other than the District's may be utilized upon verification of insurance carrier to the district office. Unit members shall receive the benefit from age 55 through age 64, if retired under the State Teachers Retirement System. Whenever any District employee goes directly from active employment to retirement under the State Teachers Retirement System, and is not eligible for the foregoing employee benefit program, the employee shall nevertheless be entitled to continue in the District's employee benefit programs providing the employee pays their own premium in advance for such benefits. If, upon retirement, the employee elects not to participate in the benefit program, the decision is irrevocable.