Plan Designs Clause Samples
The "Plan Designs" clause defines the structure, features, and options available within a specific plan, such as an employee benefits or retirement plan. It typically outlines the types of coverage, eligibility requirements, contribution levels, and any optional features participants may select. By clearly specifying these elements, the clause ensures that all parties understand the available choices and the rules governing participation, thereby promoting transparency and reducing the risk of misunderstandings or disputes regarding plan offerings.
Plan Designs. ▇. ▇▇▇▇▇▇▇▇▇ with PPO
i. Calendar Year Deductible
ii. Calendar Year Maximum
Plan Designs. Until December 31, 2019, eligible bargaining unit members shall be entitled to the healthcare, prescription drug, dental and vision benefit coverage identified in Article 12 of the 2018-2019 Master Contract between the BFT and Board.
i. Healthcare Insurance (Effective January 1, 2020):
ii. Prescription Drug Insurance (Effective January 1, 2020): iii. Dental Insurance: Benefit Period Deductible (Single/Family) $50 I $100
Plan Designs. Until December 31, 2019, eligible bargaining unit members shall be entitled to the healthcare, prescription drug, dental and vision benefit coverage identified in Article 34 B of the 2016-2019 Master Contract between ▇▇▇▇ and the Board. Effective January 1, 2020, eligible bargaining unit members shall be entitled to the healthcare, prescription drug, dental and vision benefit coverage identified below:
1. Healthcare Insurance: Deductible - Single/Family (network) $1,500/$3,000 Deductible - Single/Family (non-network) $3,000/$6,000 Co-Insurance Maximum - Single/Family (network) $2,500/$4,500 Co-Insurance Maximum - Single/Family (non-network) $5,000/$9,000 Annual Out of Pocket Maximum - Single/Family (network) $4,000/$7,500 Annual Out of Pocket Maximum - Single/Family (non-network) $8,000/$15,000 Non-Emergency Use of Emergency Room Not Covered Care Coordinator No cost Reference-Based Pricing for Specific Lab Services Applicable
2. Prescription Drug Insurance: 3. Dental Insurance:
Plan Designs. The participation and contribution of retirement plans depend on various factors. Plan design may affect employees’ decision of whether to participate or contribute the retirement plans. First, enrollment processes may influence an employee participation decision. Madrian and ▇▇▇▇ (2001) examine individual 401 (k) savings behavior using employee-level data from a large, publicly traded Fortune 500 company in the healthcare and insurance industry for the years of 1997 and 1999. The paper finds that automatic enrollment results in higher 401 (k) participation rate. Moreover, a large portion of employees simply chooses the default contribution rate and default securities allocation under automatic enrollment. Second, plans with favorable tax treatment or other additional benefits, such as 401 (k) and other tax-deferred accounts, may attract employees to participate. For example, tax-deferred ac- counts allow employees to make pre-tax contributions and pay tax upon withdrawals after retire- ment. Under progressive tax system, plans with favorable tax treatment would protect participants from being taxed at a high rate and thus provide incentives for individuals to enroll. Third, employers usually match employee contributions to a certain percent. For example, ▇▇▇▇▇ (1995) and ▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇▇ (1993) analyze plan level data and find a significant positive correlation between participate rate and employer match rate of 401 (k) plans. Another feature of retirement plans is whether the plan is defined benefit or defined contribu- tion. In the defined benefit plans, the benefits are calculated based on an employee’ final salary and job tenure. On the other hand, in the defined contribution plans, the retirement benefits depends on contributions and earnings or interests on the contributions. (▇▇▇▇▇▇▇ an Sunden 2001). Under defined contribution, young and mobile workers can easily track their savings in various accounts. Over the recent years, defined contribution plans have gained increasing popularity among workers and substituted a large portion of defined benefit plans in the U.S. (▇▇▇▇▇▇▇ et al. 2001). The availability of investment choice of the retirement plans may affect individuals’ partici- pation decision. 401 (k) or similar retirement plans usually allow individuals to invest in a pool of financial instruments such as stocks and funds. ▇▇▇▇▇-▇▇▇▇▇▇▇ et al. (2004) examine employee records across more six hundreds of 401 (k) plans and 69 industries pro...
Plan Designs