Common use of Retirement Insurance Clause in Contracts

Retirement Insurance. A. Bargaining unit employees hired prior to October 1, 2007, will be grandfathered to continue eligibility for the two percent (2%) retirement discount program. Bargaining unit employees hired on or after October 1, 2007, will not be eligible for the two percent (2%) retirement discount program. Bargaining unit employees hired prior to October 1, 2007, who qualifies for normal retirement under the Florida Retirement System (FRS), shall receive a post-retirement health insurance benefit equal to full time bargaining unit employees. Under said plan, the retiring employee who is qualified to retire under FRS will receive two percent (2%) credit for each year of creditable service prorated by each full month of service with BSO, up to a maximum of fifty percent (50%) of the total health insurance premium cost at the time of separation/retirement.

Retirement Insurance. A. Bargaining X. Xxxxxxxxxx unit employees hired prior to October 1, 2007, will be grandfathered to continue eligibility for the two percent (2%) retirement discount program. Bargaining unit employees hired on or after October 1, 2007, will not be eligible for the two percent (2%) retirement discount program. Bargaining unit employees hired prior to October 1, 2007, who qualifies for normal retirement under the Florida Retirement System (FRS), shall receive a post-retirement health insurance benefit equal to full time bargaining unit employees. Under said plan, the retiring employee who is qualified to retire under FRS will receive two percent (2%) credit for each year of creditable service prorated by each full month of service with BSO, up to a maximum of fifty percent (50%) of the total health insurance premium cost at the time of separation/retirement.