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Retiree Healthcare Agreement
The retiree healthcare agreement established in 2009, commonly referred to as “55 & out” is still intact. Below are bullet points of the current terms of the agreement.
Beginning July 01, 2022, Officers who submit to retire at age 55-59 shall be eligible to receive the healthcare benefits identified in 25.2 at 3.5% of the Officer’s annuity (provided that the required number of eligible officers filing for retirement by the pre-determined date is met);
Beginning July 01, 2022, Officers retiring at the age of 60 shall continue to receive the same benefits identified in 25.2 at 2% of the Officer’s annuity;
All final compensation [Furlough Days, Baby Furlough Days, Personal Days, FLSA overtime] shall be paid out upon retirement including up to $10,000 of non FLSA overtime;
On or before March 1st of the calendar year following retirement the retiree will receive $15,000 and one-third of any remaining overtime;
On or before March 1st of the second calendar year following retirement the retiree will receive up to $20,000 and one-half of any remaining overtime;
On or before March 1st of the third calendar year following retirement the retiree will receive any remaining compensation for accumulated overtime.
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