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 and in “good standing” 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. Good standing as used in this section shall be defined as a bargaining unit employee retiring without criminal charges pending. Further, if there are any administrative charges pending against an employee at the time of his/her retirement, the employee will be considered to have retired in good standing pending the final disciplinary decision. If the administrative charges are sustained with a final decision of termination, the employee will be determined to have not left the agency in good standing and the retirement discount program benefits will be terminated.

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 and in “good standing” 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. Good standing as used in this section shall be defined as a bargaining unit employee retiring without criminal charges pending. Further, if there are any administrative charges pending against an employee at the time of his/her retirement, the employee will be considered to have retired in good standing pending the final disciplinary decision. If the administrative charges are sustained with a final decision of termination, the bargaining unit employee will be determined to have not left the agency in good standing and the retirement discount program benefits will be terminated.