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Effective October 1, 2000, the City will contribute four hundred dollars ($400) per month for health insurance benefits to Bargaining Unit members who retire from employment with the City after their Normal Retirement Date. This contribution shall become effective beginning the month following their termination from employment with the City after their Normal Retirement Date and shall cease upon the member attaining age sixty-five (65) or Medicare eligibility, whichever comes first.
Section 2. Members in the Deferred Retirement Option Program (DROP) shall not be eligible for retiree health benefits under Section 1 until termination of employment with the City.
Section 3. The City will contribute three hundred dollars ($300) per month for health insurance benefits to Bargaining Unit members who retired from employment with the City after their Normal Retirement Date during the period beginning October 1, 1991 through September 30, 2000. This contribution shall cease upon the member attaining age sixty-five (65) or Medicare eligibility, whichever comes first.
The retiree health benefits provide in this section shall not be available to members who retired pursuant to the early retirement option set forth in the Addendum to the 1989-1992 Collective Bargaining Agreement executed on October 7, 1991, who are already receiving a retiree health benefit of three hundred dollars ($300) per month. |
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