Retirement Insurance. Based on all of the above eligibility requirements, as of the effective date of retirement the eligible retiree shall receive an annual grant from the Board to defray the cost of medical insurance after retirement. The amount of the annual grant shall be equal to the Board’s contribution toward hospitalization and major medical insurance as found in the collective bargaining agreement in effect on the retiree’s effective date of retirement. The annual grant available to the retiree shall be applicable to the level of health insurance coverage (individual or dependent/family) selected by the retiree and in effect during the school year immediately preceding the effective date of retirement. For those retirees who did not select or have in effect health insurance coverage during the school year immediately preceding the effective date of retirement, the annual grant shall be applicable to the cost of individual coverage only. Retirees desiring greater coverage than that in effect immediately preceding the effective date of retirement shall be responsible for cost of such coverage over and above the Board’s annual insurance grant. The Board’s obligation to provide the annual insurance grant shall continue until the cessation of such coverage, the retiree’s qualification for Medicare coverage, or the retiree attaining age 65, whichever shall first occur. Each retiree shall be solely responsible for applying and qualifying for such insurance coverage. In the event the retiree and/or dependents are no longer eligible (whether for voluntary or involuntary reasons) for insurance after enrolling for the same, said retiree and/or dependents shall not be entitled to re-enrollment with the District’s insurance plan. Option 2: Service Recognition Stipend Based on all of the above eligibility requirements, an eligible employee shall receive on the effective date of retirement a one-time stipend based on the following years of District Service: Years of District Service at Time of Retirement One-Time Stipend Amount 12-15 years $3,000 16-19 years $3,800 20-24 years $4,300 25 years $5,000
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