Common use of Health Care Savings Plan Clause in Contracts

Health Care Savings Plan. Employees who separate from State service, for reasons other than layoff or death or discharge with just cause, who are eligible to receive severance pay, and who are immediately eligible for retirement benefits, will have seventy-five percent (75%) of severance pay and one hundred percent (100%) of vacation leave payout converted to a tax-sheltered Health Care Savings Plan (HCSP). The remainder of the eligible severance pay, i.e., twenty-five percent (25%) of severance pay, shall be paid in cash to the employee. Employees who believe they are eligible for exemption from the tax-sheltered account participation shall have their request reviewed by MSRS in accordance with MSRS and Internal Revenue Service guidelines, whose decision shall be final, non-grievable, and non-arbitrable. Employees who do not meet the criteria for the tax-sheltered Health Care Savings Plan (HCSP) or whose severance and vacation payouts total less than two hundred dollars ($200) will receive such payments in cash.

Health Care Savings Plan. Employees who separate from State service, for reasons other than layoff or death or discharge with just cause, who are eligible to receive severance pay, and who are immediately eligible for retirement benefits, will have seventy-five percent (75%) of severance pay and one hundred percent (100%) of vacation leave payout converted to a tax-tax- sheltered Health Care Savings Plan (HCSP). The remainder of the eligible severance pay, i.e., twenty-five percent (25%) of severance pay, shall be paid in cash to the employee. Employees who believe they are eligible for exemption from the tax-sheltered account participation shall have their request reviewed by MSRS in accordance with MSRS and Internal Revenue Service guidelines, whose decision shall be final, non-grievable, and non-arbitrable. Employees who do not meet the criteria for the tax-sheltered Health Care Savings Plan (HCSP) or whose severance and vacation payouts total less than two hundred dollars ($200) will receive such payments in cash.

Health Care Savings Plan. Employees who separate from State service, for reasons other than layoff or death or discharge with just cause, who are eligible to receive severance pay, and who are immediately eligible for retirement benefits, will have seventy-seventy- five percent (75%) of severance pay and one hundred percent (100%) of vacation leave payout converted to a tax-sheltered Health Care Savings Plan (HCSP). The remainder of the eligible severance pay, i.e., twenty-five percent (25%) of severance pay, shall be paid in cash to the employee. Employees who believe they are eligible for exemption from the tax-tax- sheltered account participation shall have their request reviewed by MSRS in accordance with MSRS and Internal Revenue Service guidelines, whose decision shall be final, non-non- grievable, and non-arbitrable. Employees who do not meet the criteria for the tax-sheltered Health Care Savings Plan (HCSP) or whose severance and vacation payouts total less than two hundred dollars ($200) will receive such payments in cash.