121-22 Agreement for Chief Financial Officer - 2022.pdf

RETIREMENT HEALTH BENEFITS Upon retirement with 25 or more years of creditable PERS pension service, the Chief Financial Officer shall be provided with full health and prescription benefits at no premium cost to him or his spouse & eligible dependents from the date of his retirement until his death or until his current or future spouse’s death, whichever occurs last. Additionally, the Township will reimburse the Chief Financial Officer any Medicare premiums for Medicare Part A, Part B or Part D, including any Income Related Monthly Adjustment Amount (IRMAA) assessment made by the Social Security Administration or its successor. These benefits shall remain equal to or better than the benefits received by the Chief Financial Officer and his family as of the last date of service to the Township. When Chief Financial Officer qualifies for Medicare, benefits will become secondary to Medicare while his Spouse and dependents will continue to receive full coverage until children reach the age of 26. When his spouse or disabled children become eligible for Medicare, they will become secondary to Medicare. Child Dependents who are disabled before aging out will retain coverages until the death of the Chief Financial Officer and his Guardian spouse, whichever occurs last. OTHER CONSIDERATIONS All future rights privileges, economic and non-economic benefits bestowed upon any other Township non-uniformed employee will automatically be made available to the Chief Financial Officer without further negotiations for the life of this contract once approved by the Mayor. 14