(A) The city shall, after retirement of any employee in the employment of the city prior to May 12, 1993, who has ten years of consecutive service, except during periods of any premium waiver and without liability for any delay in the transmission of premiums, or for any cancellation resulting either from delay or inadequacy in the amount of premiums paid, or for cancellation of the insurance for any other cause, pay the premiums for life and hospitalization insurance on that employee as follows:
(1) Hospitalization. All of the hospitalization premiums during the lifetimes of a qualified retired employee and surviving spouse (after the death of the retired employee) for coverage in the city provided group health insurance plan until the retiree or surviving spouse becomes Medicare eligible. After reaching Medicare eligibility, the qualified retiree and/or surviving spouse may either: (i) continue coverage under the city’s group health insurance plan, but will have to pay any premiums that annually exceed $3,000 per participant; or (ii) receive an annual stipend of $3,000 per participant to purchase supplemental Medicare insurance that best meets the needs of each participant. The city, in its sole discretion, reserves the right to provide annual inflationary increases for Medicare eligible participants. As used herein, the term “Medicare eligible” or “Medicare eligibility” means any person qualifying for Medicare, the federal health insurance program. Notwithstanding the foregoing, the city reserves the right to determine the insurer and the limits of coverage offered by the hospitalization policy.
(2) Life insurance. The city will underwrite a $2,000 life insurance policy payable on the death of an employee of the city, payable as follows:
(a) Each employee who retired prior to June 30, 1983 will have $2,000 like insurance coverage underwritten by the city provided the employee is currently covered by city life insurance.
(b) Each employee who retires subsequent to June 30, 1983 will have $2,000 life insurance coverage underwritten by the city provided the employee meets the minimum retirement requirements.
(3) Dental insurance. The retired employee must pay the entire cost.
(B) The retirement of which reference is herein made which shall entitle the retired employee to the benefits hereunder shall be that retirement directly from the city's employment of which the employee gave the city one month's written notice and which entitles the retired employee to retirement benefits under the state retirement system, provided, that an employee whose employment with the city terminates because of resignation other than for the purpose of immediately receiving benefits under the state retirement system, or resignation in lieu of involuntary termination by the city, or termination by the city, shall not be entitled to benefits under this chapter.
('64 Code, § 2-100) (Ord. passed 10-13-81; Am. Ord. passed 5-11-82; Am. Ord. passed 10-11-83; Am. Ord. passed 5-14-85; Am. Ord. passed 4-27-93; Am. Ord. passed 5-9-95; Am. Ord. 2023-025, passed 9-26-23)