Section 167-A. Reimbursement for medicare premium charges

Upon exclusion
  from the coverage of the health insurance plan of supplementary  medical
  insurance  benefits  for  which  an  active  or  retired  employee  or a
  dependent covered by the health insurance plan is or would  be  eligible
  under  the  federal old-age, survivors and disability insurance program,
  an amount equal to the premium charge  for  such  supplementary  medical
  insurance   benefits  for  such  active  or  retired  employee  and  his
  dependents, if any, shall be paid monthly or at other intervals to  such
  active  or  retired  employee  from  the  health  insurance  fund. Where
  appropriate, such amount may be deducted from contributions  payable  by
  the  employee or retired employee; or where appropriate in the case of a
  retired employee receiving a retirement allowance, such  amount  may  be
  included   with   payments   of  his  retirement  allowance.    Employer
  contributions  to  the  health  insurance  fund  shall  be  adjusted  as
  necessary to provide for such payments.