Retiree Bridge Clause Samples
A Retiree Bridge clause establishes temporary benefits or coverage for employees who retire before they become eligible for certain long-term retiree benefits, such as health insurance. Typically, this clause provides interim support—such as continued health coverage or supplemental payments—until the retiree reaches a specified age or meets eligibility criteria for standard retiree benefits. Its core function is to ensure that early retirees do not experience a gap in important benefits, thereby offering financial security and continuity during the transition period.
Retiree Bridge. Medical Each employee with at least 20 years of service (measured from Company Seniority date to separation date) as of November 1, 2013 who retires on or after November 1, 2013 while enrolled in active medical coverage will be eligible to participate in the retiree bridge medical program providing for participation in any domestic medical plan available to active employees, subject to the following rules:
a. At the time of retirement, the employee must be at least age 60 and less than age 65.
b. At the time of retirement, the retired employee’s sick leave bank will enable the retiree to participate in the contributory funding aspect of the plan by using 11 hours of sick leave for each month of participation. Payment of the 11 hours of sick leave will be accepted as the retiree's complete payment obligation for each such month of participation
c. If a retiree has insufficient sick leave remaining in his bank to purchase continued participation in the plan for any period of time for which he is eligible and desires such coverage, the retiree may obtain coverage at the unsubsidized rate under Section K.2 below.
d. Coverage for the retiree terminates at age 65.
e. Spouse/domestic partner coverage will only be available if the employee has an enrolled spouse/domestic partner on the date of retirement (spouses/domestic partners cannot later be added). Coverage will be available for any other Dependents enrolled on the date of retirement or who are thereafter born or adopted and timely enrolled. Coverage for any spouse/domestic partner or other Dependent terminates upon the earliest of the expiration of 5 years of coverage (measured from the date the retiree’s retiree bridge medical coverage commenced), the spouse/domestic partner or Dependent reaches age 65, or the retiree dies (except that upon the retiree’s death, the spouse/domestic partner and/or other Dependents may elect to use any remaining sick leave in the manner described above, and then will be eligible for COBRA coverage).