Insurance Flex Plan Clause Samples
The Insurance Flex Plan clause establishes the terms under which parties can select or modify insurance coverage options within a contract. Typically, this clause allows for adjustments to the types or levels of insurance required, such as liability or property coverage, based on the specific needs of the project or parties involved. Its core practical function is to provide flexibility and adaptability in insurance arrangements, ensuring that coverage remains appropriate and sufficient as circumstances change.
Insurance Flex Plan. For plan years 2024 and 2025, Bargaining Unit employees may elect to opt out of group insurance plans offered by the District. Bargaining Unit employees who sign the District form to opt out will receive a cash-out payment on June 30 equal to 30 percent of the dollar value of district-paid health and dental benefits provided they complete the contract year. The District opt out form will have written notification of an effect to the employee’s PSRS retirement.
Insurance Flex Plan. Opt-out options and cash-out payments will be adjusted based on district financial considerations, and in a manner that complies with state and federal law.