Retiree Medical Program Clause Samples
The Retiree Medical Program clause outlines the provision of medical benefits to employees after they retire from the company. Typically, this clause details eligibility requirements, such as years of service or age at retirement, and may specify the types of medical coverage offered, including health insurance or prescription drug plans. Its core function is to ensure that retirees continue to have access to healthcare, addressing the need for ongoing medical support after employment ends.
Retiree Medical Program. “Medical Premium Subsidy” for Eligible Post-2016 Retirees Hired on or Before December 31, 2020. At age sixty-five (65) or
Retiree Medical Program. Notwithstanding the foregoing, Spinco shall retain all Liabilities under the Spinco Retiree Medical Program, whether incurred before, on or after the Distribution Date, with respect to qualifying MSGS Participants and Spinco Participants.
Retiree Medical Program. Upon retirement with the Company, Executive may be eligible to participate in the Medical Insurance Program for Retirees, provided you meet the requirements of the program.
Retiree Medical Program. Benefit for Disabled Employees on or After January 1, 2017
Retiree Medical Program. 1) Eligible employees hired on or before December 31, 2010 who retire from the City after January 31, 2015:
a) The City will no longer offer retiree medical plans through City’s group plans effective December 31, 2015; however, retirees may elect on a one-time basis at retirement the option to purchase and maintain City’s dental and vision plans at retiree’s cost.
b) Employees who retire after five (5) continuous years of service in good standing may, on a one-time basis, have ninety (90%) percent of their unused grandfathered sick leave converted to the City sponsored defined contribution retiree medical benefit plan at the rate of eight (8) hours equals one month of contribution to purchase medical insurance.
c) Funding/Eligibility of Retiree Medical Program/Sick Leave Conversion
d) For each eight hours converted to the retiree medical program, the recipient shall be provided a monthly contribution under one of the following schedules: Retiree Only $500 Retiree plus one Dependent $1,000 Retiree plus two or more $1,000 Retiree Only $250 Retiree plus one Dependent $500 Retiree plus two or more $500 Retiree only contribution for eligible recipients is allowable regardless of where the retiree acquires authorized and legitimate medical insurance coverage (i.e. through State Exchange, through individual insurance company, through a current employer, or through spouse employer). Retiree shall not be eligible to receive a contribution for dependent, spouse, or registered domestic partner under the Retiree + 1 or Retiree + Family levels if retiree’s dependent, spouse, or registered domestic partner has medical insurance coverage through their current employer, is covered under Retiree’s current employer, or if Retiree does not purchase individual insurance for dependent. Upon retirement only, the City shall transfer contributions based on eligibility above into the City’s sponsored Retiree Health Savings Account (RHS) for the individual. Employees will not be eligible for these contributions should they separate from City service prior to retirement. Contributions to eligible retirees will be made as follows: Upon Retirement – initial contributions will be made for the months following loss of coverage with City through either December 31st or June 30th, whichever date is earlier. Contributions will be deposited no later than 30 days after retirement date. Ongoing Contribution – a semi-annual years’ worth of contributions will be made on a semi- annual basis no ...
Retiree Medical Program. 1. The City shall contribute to a City sponsored defined contribution retiree medical benefit plan for each employee. Effective August 26, 2014, the City contribution will be $25 per month. Commencing January 1, 2015, and continuing each year thereafter through January 1, 2019, the City contribution shall increase by an additional $10 per month, per employee in January. The defined City contribution shall be a maximum contribution of $75 per month by January 2019.
2. Employees who retire after five (5) continuous years of service in good standing may, on a one time basis, have ninety (90%) percent of their unused grandfathered sick leave converted to the City sponsored defined contribution retiree medical benefit plan at the rate of eight (8) hours equals one month of contribution to purchase medical insurance.
Retiree Medical Program a. The City shall contribute to a City sponsored defined contribution retiree medical benefit plan a City contribution of $25 per month for full time employees. For a full-time employee, this equates to a maximum of $300 per year. Employees in regular positions budgeted less than eighty (80) hours per pay period or job-shared positions, shall receive a pro-rated amount per month. Effective January 1, 2019, the defined City contribution shall increase by an additional $15. The defined City contribution shall be a maximum contribution of $100 per month by January 2019. Employees under this subsection shall be deemed to have satisfied any service eligibility requirements necessary to receive this benefit.
b. Employees who retire after five (5) continuous years of service in good standing may, on a one-time basis, have ninety percent (90%) of their unused grandfathered sick leave converted to a City sponsored defined contribution retiree medical benefit plan at a rate of eight (8) hours equals one month of contribution to purchase medical insurance.
Retiree Medical Program. No member of the Company Group shall assume any Liability with respect to the Retiree Medical Program. Following the IPO, no Company Employee shall accrue any additional benefits under the Retiree Medical Program, except as contemplated in this Section 9.1. HC shall provide or cause to be provided to each Company Employee (and his or her eligible dependents) who was eligible to retire on or immediately prior to the IPO and, upon such retirement, would have satisfied the eligibility requirements for retiree coverage set forth in the Retiree Medical Program, with retiree benefits and coverage following such Company Employee’s retirement from the Company Group, with such benefits to be provided under the Retiree Medical Program, as the Retiree Medical Program may be amended from time to time following the IPO, as if such Company Employee had remained employed with HC through the applicable retirement date. In addition, HC or another member of the HC Group shall amend the Retiree Medical Program to provide that until the Company Employee’s termination of employment, Company Employees shall be given credit for service with members of the Company Group for purposes of eligibility for participation in the Retiree Medical Program. The provisions of this Section 9.1 shall not be construed to require any member of the HC Group to maintain the Retiree Medical Program or to prevent the amendment in any manner of the Retiree Medical Program. The participation by any Company Employee in the Retiree Medical Program shall be subject to such right of amendment or termination.
Retiree Medical Program. 1. The City shall contribute to a City sponsored defined contribution retiree medical benefit plan for each employee. Effective August 26, 2014, the City contribution will be $25 per month. Commencing January 1, 2015, and continuing each year thereafter through January 1, 2019, the City contribution shall increase by an additional $10 per month, per employee in January. The defined City contribution shall be a maximum contribution of $75 per month by January 2019.
2. Beginning January 1, 2024, the defined City contribution shall increase annually through January 1, 2027, by an additional $10 per year, per employee each January. The defined City contribution shall be a maximum contribution of $140 per month by January 2027.
3. Beginning January 1, 2025, employees will begin participating in the Central Valley Retiree Medical Trust established by MPOA and will follow Section 11 under Police Officers and Detectives. All new Police Management employees will be enrolled in this program. Employees who currently participate in the City sponsored retiree medical benefit plan may elect to continue in that plan. Employees electing to stay must elect this option by July 1, 2025.
4. Employees who retire after five (5) continuous years of service in good standing may, on a one time basis, have ninety (90%) percent of their unused grandfathered sick leave converted to the City sponsored defined contribution retiree medical benefit plan at the rate of eight (8) hours equals one month of contribution to purchase medical insurance.
Retiree Medical Program