San Mateo Un HSD | BP 4117.12 Personnel
Retirement Benefit Insurance Incentive (January 14, 2010)
The district will provide medical insurance premium credit to employees who elect early retirement if proper written notice is provided to the district by March 1. To be eligible for this benefit, the retiree must have at least 10 full years of actual service with the district and be at least 55 years of age. Employees electing this option shall have credited against their elected district medical, dental and vision insurance coverage up to $250 per month for ten years or until age 65, whichever occurs first. The credit of $250 per month shall be pro-rated based on number of hours worked per week (Classified) or percentage of FTE (Certificated).
For those employees choosing the option set forth in the paragraph above, it shall be their responsibility to keep the district informed regarding the correct subscriber coverage; failure to do so, which results in overpayment to the insurance company, may result in an equivalent credit reduction to retiree.
If a retiree who has elected this option dies before the expiration of 10 years, or the attainment of age 65, family credit shall be discontinued, except where the spouse is also a district retiree; then the remaining years may be credited to that spouse.
For those employees who elect early retirement and enroll in a non-district offered medical plan, the district may reimburse up to $250 per month on a pro-rated basis for 10 years or until age 65, whichever occurs first. The reimbursement is contingent on proof of payment towards an individual medical plan premium. The early retiree must submit documentation of their individual plan and proof of payment of the premium.
Employees who elect early retirement will not be eligible for the provisions provided herein if they elected to participate in the Certificated Reduced Services Contract Program, the Certificated Retirement Incentive Program, or other supplemental early retirement plans.
Retirement is defined for purpose of this option as the most recent birthday on the effective date of retirement.
Employees who elect early retirement and elect to enroll in a non-district medical plan have the opportunity to reenroll in a district offered medical plan at the next general open enrollment or following a loss of medical insurance.
Policy SAN MATEO UNION HIGH SCHOOL DISTRICT
adopted: July 15, 2010 San Mateo, California