Health Care Savings Plan in Lieu of Retiree Sample Clauses

Health Care Savings Plan in Lieu of Retiree. Health Insurance for employees hired after July 1, 2005: Employees hired after July 1, 2005, and eligible for health insurance coverage will participate in a Health Care Savings Plan (HCSP) in lieu of retiree health insurance. Upon completing five years of service, employees will be automatically enrolled in the plan before the first contribution is made by the District on their behalf. Employees hired prior to July 1, 2005, and eligible for health insurance coverage (See Appendix A – former provisions) who previously elected to participate in this HCSP will continue in this program with the understanding that it will not be retroactive and that there is no re-election of the retiree health insurance program in the future. Employees who have completed the number of full years of employment by June 30th of any year after 2005 and who are eligible for health insurance coverage will receive the following annual contribution from the District to be placed in the employee’s HCSP account: $ 0 annually Completed 0-4 years in the District. $ 1,000 maximum annually Completed 5-9 years in the District $ 2,500 maximum annually Completed 10-14 years in the District $ 5,000 maximum annually Completed 15+ years in the District The maximum total district contribution that any employee can receive under this section is $50,000. The District will make deposits into the employee’s HCSP account on a quarterly basis.
Sample 1
AutoNDA by SimpleDocs
Health Care Savings Plan in Lieu of Retiree. Health Insurance for employees hired after July 1, 2005: Employees hired after July 1, 2005, and eligible for health insurance coverage will participate in a Health Care Savings Plan (HCSP) in lieu of retiree health insurance. Employees hired prior to July 1, 2005 , and eligible for health insurance coverage (See Appendix A – former provisions) who previously elected to participate in this HCSP will continue in this program with the understanding that it will not be retroactive and that there is no re-election of the retiree health insurance program in the future. Employees who have completed the number of full years of employment by June 30th of any year after 2005 and who are eligible for health insurance coverage will receive the following annual contribution from the District to be placed in the employee’s HCSP account: $ 0 annually Completed 0-4 years in the District. $ 1,000 maximum annually Completed 5-9 years in the District $ 2,500 maximum annually Completed 10-14 years in the District $ 5,000 maximum annually Completed 15+ years in the District The maximum total district contribution that any employee can receive under this section is $50,000. The District will make deposits into the employee’s HCSP account on a quarterly basis.
Sample 1

Related to Health Care Savings Plan in Lieu of Retiree

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Health Care Spending Account After six (6) months of permanent employment, full time and part time (20/40 or greater) employees may elect to participate in a Health Care Spending Account (HCSA) Program designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but such savings are not guaranteed. The HCSA Program allows employees to set aside a predetermined amount of money from their pay, not to exceed the maximum amount authorized by federal law, per calendar year, of before tax dollars, for health care expenses not reimbursed by any other health benefit plans. HCSA dollars may be expended on any eligible medical expenses allowed by Internal Revenue Code Section 125. Any unused balance is forfeited and cannot be recovered by the employee.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Dental Care Plan The Welfare Plan will include a Dental Care Plan which will reimburse members for expenses incurred in respect of the coverages summarized in Appendix "1". The Plan will not duplicate benefits provided now or which may be provided in the future by any government program.

  • Broad Participation Retirement Fund A fund established in The Bahamas to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund:

  • HEALTH CARE PLANS ‌ Notwithstanding the references to the Pacific Blue Cross Plans in this article, the parties agree that Employers, who are not currently providing benefits under the Pacific Blue Cross Plans may continue to provide the benefits through another carrier providing that the overall level of benefits is comparable to the level of benefits under the Pacific Blue Cross Plans.

Time is Money Join Law Insider Premium to draft better contracts faster.