Insurance Opt-Out Waiver. The Board shall make an annual payment of $2,000 to any unit member who: (a) received the opt-out waiver payment from the Board in the prior plan year and who continues to take their health insurance from another provider other than the Board; (b) currently takes their health insurance through the Board, but who switches to a provider other than the Board; and (c) is hired by the board after this Agreement take effect, and who take their health insurance from a provider other than the Board.3 If coverage is dropped for less than twelve (12) months due to a qualifying event, then the incentive payment will be based on the number of whole months during the insurance plan year for which coverage was dropped. The Opt-Out payment will be made as part of the second pay of January following completion of the opted-out plan year. This opt-out waiver shall be offered in the context of Section 125 of the Internal Revenue Code and all rules pertaining to it. The health insurance opt-out program stated in this Article shall expire at the end of this Agreement, and shall not continue into any successor Master Agreement unless the parties mutually agree to do so.
