Common use of Health Care Savings Plan Clause in Contracts

Health Care Savings Plan. Employees who, for reasons other than layoff or death, are eligible to receive severance pay will have one hundred percent (100%) of severance pay, as defined in Section 1 above, and one hundred percent (100%) of vacation pay converted to an MSRS health care savings plan account. Employees who do not meet the requirements for the health care savings plan account, or whose combined severance and vacation pay totals less than five hundred dollars ($500) will continue to receive their severance and vacation payments in cash. See article 10 section 6 for vacation transfer to severance guidelines.

Health Care Savings Plan. Employees who, for reasons other than layoff or death, are eligible to receive severance pay will have one hundred percent (100%) of severance pay, as defined in Section 1 above, and one hundred percent (100%) of vacation pay converted to an MSRS health care savings plan account. Employees who do not meet the requirements for the health care savings plan account, or whose combined severance and vacation pay totals less than five hundred dollars ($500) will continue to receive their severance and vacation payments in cash. See article 10 section 6 for vacation transfer to severance guidelines.