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30.1
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FRINGE BENEFITS FOR RETIRED EMPLOYEES
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Retirees will receive the benefits package available to Unit Members retiring after June 30, 1980, who have served the District full-time for ten (10) or more consecutive years immediately prior to their retirement. Benefits will be provided until age sixty-five (65), or earlier if the Unit Member accepts Medicare benefits.
Retirees will receive the same benefit package as that provided to active employees in the year in which they retire.
Members who have served the District full-time for ten (10) or more consecutive years immediately prior to their retirement, and who retire after December 31, 2003, may continue on the health benefit plans they have upon retirement until age 65 (or earlier if receiving Medicare benefits). They will pay 100% of all increases in the costs of their health benefits. In addition, those on a higher cost PPO will pay 100% of the difference between the highest cost fully-funded plan and higher cost PPO. The difference will be between the same like plans.
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30.2
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MEDICARE
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Medicare, Unit Member premiums to be paid by Unit Member and District premiums to be paid by District, shall be implemented effective December 1, 1991; i.e., premiums shall first be paid commencing with the month of December, 1991.
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30.3
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PROCEDURE
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30.3.1
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Retirement Incentive Spring 2003 through Fall 2003
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A retirement incentive option will be available for those GCFA members retiring during spring 2003 through fall 2003. To be eligible a member must have served the District full-time for ten (10) or more consecutive years immediately prior to his/her retirement.
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30.3.1.1
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Retirement Incentive
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A retirement incentive payment of $1,000 per year of District service will be offered to retiring GCFA members.
Additional requirements:
- Potential retirees must notify the District by October 24, 2003.
- Faculty who for retirement eligibility issues, e.g. 55-age limit, 25 years of service, etc. , select a retirement date after June 30, 2003 but before December 31, 2003, will receive the current year benefit package in effect 2002-03.
- This incentive is available if at least seven (7) full-time GCFA members retire no later than December 31, 2003.
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30.3.1.2
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Payment Options
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Using the dollar value established under paragraph 30.3.1.1 above, the following payment options are available after the date of retirement:
Additional requirements:
- The retirement incentive will be available 60 days after the retirement date on a payment schedule, in a lump sum or multiple payments, agreed upon by the District and the retiree.
- Alternatively, a Retirement Benefit Premium Account will be established. The Account will be used to offset employee contributions to benefit premiums incurred after the age of sixty-five (65), or earlier if the Unit Member accepts Medicare benefits. No interest will be accrued to this account. If the employee no longer uses the account prior to the depletion of the value of the account, the account balance reverts to the District.
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30.3.2
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Post-Retirement Teaching
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This section applies to faculty retiring in FY 02/03 and FY 03/04. The District and GCFA agree that for “post-retirement teaching” the following applies:
- Based on the needs of the District there must be a mutual agreement between the individual retiring Unit Member and the District.
- The maximum load is 60% of a full load.
- Compensation is prorated based on the full time faculty salary schedule cell of track 3/step 5 in effect in the year of retirement with no adjustment for the life of the contract.
- For retirements at the end of FY 03/04 the following applies: No later than September 1st of the fiscal year of retirement, the Unit Member must submit a letter notifying the District President of his/her intentions.
- The Unit Member and the District President or designee will then discuss the needs of the District in order to reach a mutual agreement.
- For retirements under paragraph 30.3.1, Retirement Incentive, the following applies: No later than April 22, 2003, the Unit Member must submit to the District President a letter requesting retirement and outlining the conditions of his/her retirement.
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30.4
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Other District policies on retiree benefits will be maintained, including retiree access to health benefits plans in accordance with the California Ed code.
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30.5
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When a Unit Member retires, they will receive the retirement benefits and options in effect in the Contract for the year of their retirement. See Article 27 and Article 30.3.1.1 for exceptions for FY 02/03 and FY 03/04.
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