Common use of Voluntary Early Retirement Clause in Contracts

Voluntary Early Retirement. The District proposes an early retirement incentive program to employees who have reached 55 years of age after having completed eighteen (18) consecutive years of employment in the District. Eligible employees may retire June 30, December 31, or with approval of the service area director, dependent on the job requirements. Written notice must be given sixty (60) days in advance. As an early retirement incentive for an employee, age 55 to age 65, opting for retirement, the District agrees to provide up to $150.00 per month for four (4) years to a maximum of $7,200 to each early retiree towards medical, dental and vision insurance premiums. It is understood the coverage is subject to the rules of the insurance carrier. If the costs exceed $150 per month and the employee elects to maintain that level coverage, the retired employee shall pay the difference. In no case will the District provide this benefit beyond age 65. If the spouse/domestic partner of the employee is, at the time of an employee’s death, not eligible for Medicare, the District shall provide single-party medical insurance contribution up to the duration of the time the deceased employee was eligible for benefits. No benefits provided under this Article shall be available for any employee whose employment begins after October 31, 1999.

Voluntary Early Retirement. The District proposes an early retirement incentive program to employees who have reached 55 years of age after having completed eighteen (18) consecutive years of employment in the District. Eligible employees may retire June 30, December 31, or with approval of the service area director, dependent on the job requirements. Written notice must be given sixty (60) days in advance. As an early retirement incentive for an employee, age 55 to age 65, opting for retirement, the District agrees to provide up to $150.00 per month for four (4) years to a maximum of $7,200 to each early retiree towards toward medical, dental and vision insurance premiums. It is understood the coverage is subject to the rules of the insurance carrier. If the costs exceed $150 per month and the employee elects to maintain that level coverage, the retired employee shall pay the difference. In no case will the District provide this benefit beyond age 65. If the spouse/domestic partner of the employee is, at the time of an employee’s death, not eligible for Medicare, the District shall provide single-party medical insurance contribution up to the duration of the time the deceased employee was eligible for benefits. No benefits provided under this Article shall be available for any employee whose employment begins after October 31, 1999.