Retirement Insurance Program. If EMPLOYEE retires after age fifty (50), and prior to age sixty-five (65), and has served the DISTRICT for ten (10) consecutive years prior to retirement, the DISTRICT will contribute eighty percent (80%) of the DISTRICT’s normal contribution for active employees’ health coverage, up to a maximum of $2,400 per year. This benefit will cease upon EMPLOYEE reaching age sixty-five (65). Upon EMPLOYEE’s death after retirement, EMPLOYEE’s surviving spouse shall not be eligible for this benefit. Should EMPLOYEE have retired and have served the DISTRICT for a minimum of fifteen (15) consecutive years immediately prior to retiring, the DISTRICT shall contribute a maximum of two hundred thirteen dollars and thirty-two cents ($213.32) per month toward the health insurance supplement to Medicare, or the cost of the health insurance supplement to Medicare, whichever is less, until EMPLOYEE reaches age seventy (70). Upon death of EMPLOYEE, surviving spouse shall not be eligible for any benefit contribution. EMPLOYEE shall be eligible to receive the DISTRICT contribution toward the designated retiree health care supplement as mutually determined by the Parties. To be eligible for this benefit, EMPLOYEE shall have attained the age of sixty-five (65). Coverage shall continue until age seventy (70). Upon death of EMPLOYEE, surviving spouse shall not be eligible for any benefit contribution. To be eligible for this option, EMPLOYEE must have attained age fifty-five (55), and have served the DISTRICT a minimum of ten (10) years. Should EMPLOYEE retire early (prior to age 65), and wish to continue coverage under the DISTRICT’s health insurance program, the DISTRICT will contribute a maximum of seventy percent (70%) of the DISTRICT’s contribution to the premium of the health insurance program. This benefit terminates when EMPLOYEE reaches age sixty-five (65) at which point EMPLOYEE shall no longer be eligible to receive a DISTRICT contribution toward the health insurance premium. EMPLOYEE and EMPLOYEE’s spouse may continue to participate in the DISTRICT health insurance program at their own expense.
Retirement Insurance Program. If EMPLOYEE retires after age fifty (50), and prior to age sixty-five (65), and has served the DISTRICT for ten (10) consecutive years prior to retirement, the DISTRICT will contribute eighty percent (80%) of the DISTRICT’s normal contribution for active employees’ health coverage, up to a maximum of $2,400 per year. This benefit will cease upon EMPLOYEE reaching age sixty-five (65). Upon EMPLOYEE’s death after retirement, EMPLOYEE’s surviving spouse shall not be eligible for this benefit. Should EMPLOYEE have retired and have served the DISTRICT for a minimum of fifteen
Retirement Insurance Program. Retirees under the Retirement Incentive Option Plan shall not be eligible to remain on District insurance, except in accordance with COBRA. In consideration for the irrevocable notice of intent to retire and retirement under TRS and the contractual Retirement Incentive Option Plan, the District shall make a four (4) year cash payment (as a contribution toward TRIP or other non-District insurance) following retirement in the amount of three hundred seventy five ($375) per month for single and an additional two hundred fifty dollars ($250) per month for a Teacher’s spouse. In lieu of monthly insurance contributions, the retiree may elect a cash payment made in a lump sum payment within thirty (30) days following retirement, in the amounts of eleven thousand two hundred fifty ($11,250) for single and seven thousand five hundred dollars ($7,500) for a Teacher’s spouse. Monthly installments will be made on the fifteenth (15th) of each month. To be eligible for either the monthly contribution or the lump sum payment, the Teacher and/or spouse, if applicable, must have been enrolled in the District’s insurance plan for at least two (2) school years immediately preceding the date of the Teacher’s retirement from the District.
