H. Retirement Insurance
1. If he/she is eligible, at the time of retirement, the employee may select either the early retirement incentive payment or the Troy Area School District paid insurance retirement plan. Once the decision is made at the time of retirement, it is irreversible.
The retiring employee who selects the early retirement incentive payment and who therefore does not select the district paid insurance retirement plan may continue coverage as provided in Article IV, Section G.5.
Upon retirement from the Troy Area School District, an eligible employee shall have the option of continuing current medical, dental and/or prescription insurance coverage as provided in the collective bargaining agreement and all improvements thereto as contained in subsequent agreements if the employee has not selected the early retirement incentive payment.
a) If this option is taken the district shall set aside a monetary credit in the amount equal to
the highest year’s salary that has been earned by the employee on the Troy Area School
District Professional Salary Scale. Beginning September 1, 2003, retirees who qualify
for the PSERS premium assistance shall be charged that amount, (currently $ 100 per
month). That amount shall be credited to the retiree’s escrow account for health
insurance. The district shall send to all current retirees the proper PSERS forms for them
to obtain the PSERS premium assistance.
b) If this option is not elected by the employee at the time of retirement, there shall be no
entry by the employee, spouse or other dependents at a later date, except an employee,
spouse or other dependents may obtain coverage by paying the then current premium
to the district as eligible under state and/or federal laws.
The monetary credit may be used by the employee and/or his/her family if they are
currently covered by the school’s insurance plan. When the monetary credit is
exhausted, the insured employee will be required to pay the then current premiums
or to drop coverage.
If the Troy Area School District retiree takes employment elsewhere and is thereby
covered by another plan, the district will no longer be obligated to provide coverage to
the retired employee, his spouse or other dependents; unless the retiree, spouse or
other depended is eligible, under state and/or federal law, to continue coverage. If
eligible to continue coverage, the retiree, spouse or other dependent may do so by
paying the then current premium to the district.