Common use of Retiree Medical Benefits Clause in Contracts

Retiree Medical Benefits. For the term of this bargaining agreement, the Employer will provide coverage to IMRF retirees who retire at age 55 or older after twenty (20) years of service, until the retiree or any dependent becomes eligible for Medicare. The Employer shall pay 20% of single coverage and 35% of employee plus one (1) and family coverage. The rates of all retirees shall be adjusted up or down by the same percentage as the Employer’s premium for their class of coverage on the renewal date of each year (currently July 1).

Retiree Medical Benefits. For the term of this bargaining agreement, the Employer will provide coverage to IMRF retirees who retire at age 55 or older after twenty eight (20) 8) years of service, until the retiree or any dependent becomes eligible for Medicare. The Employer shall pay 20% of single coverage and 35% of employee plus one (1) and family coverage. The rates of all retirees shall be adjusted up or down by the same percentage as the Employer’s premium for their class of coverage on the renewal date of each year (currently July 1).