Common use of Vesting Requirement Clause in Contracts

Vesting Requirement. The teacher must be at least fifty-five (55) years of age by June 30 in the year in which they retire; have a minimum of seventeen (17) years of creditable service; and a minimum of five (5) current consecutive years of service with the EVSC. The teacher must notify the superintendent of his/her intent to retire by February 1st of the school year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee. Vested employees will be eligible to participate in the EVSC medical, dental, and vision insurance until he/she is age sixty-five (65) or qualifies for Medicare whichever occurs first. Eligible employees will be required to pay the full insurance premium. Eligible spouses and/or dependents may remain on the insurance with the retiree until the spouse or dependent qualifies for Medicare. A retiree who is eligible for the early retiree insurance that loses health insurance coverage during retirement due to a qualifying event may rejoin the EVSC health insurance plan within thirty (30) days of the qualifying event or during an open enrollment period. For retirees meeting the above criteria who continue to carry family medical insurance, the Board will pay the difference between $15,030 and the amount the EVSC pays for a family plan at the time the teacher retires. The Board will pay this family amount only as long as the retired teacher has eligible dependents that qualify the teacher for family coverage, is enrolled in an EVSC health insurance plan, and the teacher has not yet qualified for full Medicare coverage. The Board will pay the difference for retirees enrolled in Plan F. Should a retiree choose a different insurance plan, the retiree will be responsible for the cost difference between Plan F and the insurance plan they choose.

Vesting Requirement. The teacher must be at least fifty-five (55) years of age by June 30 in the academic year in which they retire; have a minimum of seventeen (17) years of creditable service; and a minimum of five (5) current consecutive years of service with the EVSC. The teacher must notify the superintendent of his/her intent to retire by February 1st of the school academic year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee. Vested employees will be eligible to participate in the EVSC medical, dental, and vision insurance until he/she is age sixty-five (65) or qualifies for Medicare whichever occurs first. Eligible employees will be required to pay the full insurance premium. Eligible spouses and/or dependents may remain on the insurance with the retiree until the spouse or dependent qualifies for Medicare. A retiree who is eligible for the early retiree insurance that loses health insurance coverage during retirement due to a qualifying event may rejoin the EVSC health insurance plan within thirty (30) days of the qualifying event or during an open enrollment period. For retirees meeting the above criteria who continue to carry family medical insurance, the Board will pay the difference between $15,030 and the amount the EVSC pays for a family plan at the time the teacher retires. The Board will pay this family amount only as long as the retired teacher has eligible dependents that qualify the teacher for family coverage, is enrolled in an EVSC health insurance plan, and the teacher has not yet qualified for full Medicare coverage. The Board will pay the difference for retirees enrolled in Plan F. Should a retiree choose a different insurance plan, the retiree will be responsible for the cost difference between Plan F and the insurance plan they choose.

Vesting Requirement. The teacher must be at least fifty-five (55) years of age by June 30 in the academic year in which they retire; have a minimum of seventeen (17) years of creditable service; and a minimum of five ten (510) current consecutive years of service with the EVSC. The teacher must notify the superintendent Superintendent of his/her intent to retire by February 1st 1 of the school academic year in which he/she wishes to retire. Beginning with the 2022-2023 academic year, for end of first semester retirements, the teacher must notify the Superintendent of his/her retirement by September 1 of the academic year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee. Vested employees will be eligible to participate in the EVSC medical, dental, and vision insurance until he/she is age sixty-five (65) or qualifies for Medicare whichever occurs first. Eligible employees will be required to pay the full insurance premium. Once the retiree is no longer eligible, the spouse/dependents still covered will be offered COBRA coverage. Spouses/dependents covered by the plan will no longer be covered by the plan at: Medicare eligibility; once they age out of coverage; or at the end of the COBRA eligibility period, whichever comes first. Eligible spouses and/or dependents may remain on the insurance with the retiree until the spouse or dependent qualifies for Medicare. A retiree who is eligible for the early retiree insurance that loses health insurance coverage during retirement due to a qualifying event may rejoin the EVSC health insurance plan within thirty (30) days of the qualifying event or during an open enrollment period. For retirees meeting the above criteria who continue to carry family medical insurance, the Board will pay the difference between $15,030 and the amount the EVSC pays for a family plan at the time the teacher retires. The Board will pay this family amount only as long as the retired teacher has eligible dependents that qualify the teacher for family coverage, is enrolled in an EVSC health insurance plan, and the teacher has not yet qualified for full Medicare coverage. The Board will pay the difference for retirees enrolled in Plan F. Should a retiree choose a different insurance plan, the retiree will be responsible for the cost difference between Plan F and the insurance plan they choose.