Retiree Health Care Benefit a. XXXX will reimburse retirees who were hired prior to September 1, 2013 and retire after fifteen (15) years of service at NYIT and at an age making them Medicare eligible, for the cost of a Medicare Supplement medical plan and/or a Medicare Part D prescription drug plan for a period of up to ten (10) years from the date of retirement, with a maximum payment of three thousand dollars ($3,000) per annum ($250 per month). This subsidy is available to purchase a program for the retiree as well as eligible spouses and dependents. No employees hired after September 1, 2013 are entitled to a retiree health care benefit.
Retiree Health Care Benefit. A. Active Employees Employees hired prior to City Council ratification of this agreement will receive Retiree Health Benefits if they retire under a “Normal Retirement”, as defined below. Current definition of “Normal Retirement” under the defined benefit plan is age 55 (50 for Dispatch) and having 25 or more years of actual credited service; or, age 60 and at least 10 years of actual credited service. Members who defer retirement with less than 25 years of service, are not eligible for retiree health care. The above coverages are subject to the following provisions: Retirees shall have one hundred percent (100%) of the premium charges paid by the City. The premium payment shall begin for the month during which the retiree reaches age 50 provided 25 years of service. Effective July 1, 2001, all drug rider co-payments shall be $10.00 for generic and $20.00 for brand. Effective July 1, 2006, all drug rider co- payments shall be $15.00 for generic and $30.00 for brand. Deferred retirees are not eligible for retiree medical benefits until age 50 and after 25 years of actual credit service. Employees who retire shall choose a provider from those offered at time of retirement, subject to coordination of governmental programs (such as Medicare). Employees retiring under a duty disability retirement shall have the full monthly premium paid by the City. A beneficiary receiving a duty death annuity shall have the full monthly premium paid for the spouse and dependent children, such payment to continue until remarriage. Employees retiring under a non-duty disability on and after January 1, 1978, shall have one hundred percent (100%) of the premium paid effective the date the retiree is at least fifty (50) years of age and would have completed twenty-five (25) years of service if he/she continued working, or age sixty (60) with ten (10) or more years of service. At the death of the retiree, coverage shall continue to a spouse who is a beneficiary under one of the City's retirement systems. Coverage to begin in the month spouse receives an annuity. As soon as administratively possible after City Council ratification of this agreement, employees covered under this section shall have the option to either:
Retiree Health Care Benefit. A) Active Employees Employees hired prior to City Council ratification of this agreement will receive Retiree Health Benefits if they retire under a “Normal Retirement”, as defined below. Current definition of “Normal Retirement” under the defined benefit plan is age 55 (50 for Dispatch) and having 25 or more years of actual credited service; or, age 60 and at least 10 years of actual credited service. Members who defer retirement with less than 25 years of service, are not eligible for retiree health care. At the death of the retiree, coverage shall continue to a spouse who is a beneficiary under one of the City’s retirement systems subject to the provisions of this Section. Coverage to begin in the month spouse receives an annuity. Deferred retirees are not eligible for retiree medical benefits until age 50 and after 25 years of actual credited service. Employees who retire shall have the same health insurance coverage options on the same terms and conditions as shall be offered to current and future active employees, subject to coordination of governmental programs (such as Medicare). Employees retiring under a duty disability retirement shall have the full monthly premium paid by the City. A beneficiary receiving a duty death annuity shall have the full monthly premium paid for the spouse and dependent children, such payment to continue until remarriage. Employees retiring under a non-duty disability on and after January 1, 1978 shall have one hundred percent (100%) of the premium paid effective the date the retiree is at least fifty-five (55) years of age (50 for dispatch) and would have completed twenty-five (25) years of service if he/she continued working, or age sixty (60) with ten (10) or more years of service. As soon as administratively possible after City Council ratification of this agreement, employees covered under this section shall have the option to either:
