Common use of Defined Contribution Plan Option Clause in Contracts

Defined Contribution Plan Option. (a) Employees hired on or after July 1, 2010 will make an election of either a Defined Contribution Plan (DC) or a Defined Benefit Plan (DB) for retirees’ health plan benefits within ten (10) working days of the date of hire. An employee hired on or after July 1, 2010 who does not make an initial election within ten (10) working days shall be enrolled in the DC Plan. After completion of one year of service, an employee will have another opportunity to make an irrevocable election of either the DC or DB Plan. The Chapter Chair will be copied on letters to members informing them of their one year of employment and final decision on retirees’ health plan. This letter to employees shall be sent out at least two weeks prior to an employee’s one-year anniversary. Employees must make an election within ten