Mandatory Reserve. The BOARD shall establish a mandatory reserve for the purposes of protecting the FUND from future losses and maintaining fiscal solvency. This reserve shall be set aside for contingencies and potential unforeseen liabilities such as a spike in claims payments in excess of expected claims. As a part of the annual budget process, the mandatory reserve target shall be calculated as the greater of either the FUND’S INCURRED BUT NOT REPORTED (“IBNR”) estimate as identified by the ADMINISTRATOR, or the prior year’s average three month claims expense. For purposes of a NON-VESTED MEMBER, the pricing of such reserve amount will be phased in over the first two years of the NON-VESTED MEMBER’s participation in the POOL. Should additional CONTRIBUTIONS be required to achieve the reserve funding target, the BOARD shall determine a reserve surcharge for MEMBERS to be included in the MEMBERS’ CONTRIBUTIONS.
Mandatory Reserve. In the event there is not three Voluntary Reserve staff, the City will designate employees to be placed on Mandatory Reserve Status for a minimum of one (1) calendar week up to a maximum of two (2) weeks, each month, during which time each employee so designated shall receive $50.00 for each week they are on Mandatory Reserve Status. City Union
Mandatory Reserve. The BOARD shall establish a mandatory reserve for the purposes of protecting the fund from future losses and maintaining fiscal solvency. This reserve shall be set aside for contingencies and potential unforeseen liabilities such as a spike in claims payments in excess of expected. As a part of the annual budget process, the mandatory reserve target shall be calculated as the greater of either the fund’s Incurred But Not Reported (IBNR) estimate as identified by the Administrator, or the prior year’s average three month claims expense. Should additional contributions be required to achieve the reserve funding target, the board shall determine a reserve surcharge for members to be included in the members’ contributions.
Mandatory Reserve. In the event that the Governor and Cabinet are required to impose a mandatory reserve on appropriations, the parties shall amend this Contract to place in reserve the amount determined by the Department of Education to be necessary because of the mandatory reserve. To the extent that such mandatory reserve results in lower funds available for use by SEED Miami pursuant to this Contract, the Operator may exercise its options as set forth in Section V.C., above.
