POST RETIREMENT/HEALTH REIMBURSEMENT ACCOUNT. The Post-Retirement Health Reimbursement Account is an employer-sponsored program that allows teachers to pay medical expenses and/or health insurance premiums after termination of public service. The Post-Retirement Health Reimbursement Account allows teachers to set aside money earned as an active teacher to cover costs of health or dental insurance, and other medical or dental expenses after termination of public service. Under the Post-Retirement Health Reimbursement Account, amounts contributed are tax-free and no taxes are paid on amounts paid since they must be used to pay health and dental insurance premiums or used to cover out- of-pocket medical or dental expenses. Teachers who are exempted from participating in the Post-Retirement Health Reimbursement Account, per IRS guidelines, must direct one hundred percent (100%) of the monies into the Special Pay Deferral Plan.
Appears in 6 contracts
POST RETIREMENT/HEALTH REIMBURSEMENT ACCOUNT. The Post-Retirement Health Reimbursement Account is an employer-sponsored program that allows teachers to pay medical expenses and/or health insurance premiums after termination of public service. The Post-Retirement Health Reimbursement Account allows teachers to set aside money earned as an active teacher to cover costs of health or dental insurance, and other medical or dental expenses after termination of public service. Under the Post-Retirement Health Reimbursement Account, amounts contributed are tax-free and no taxes are paid on amounts paid since they must be used to pay health and dental insurance premiums or used to cover out- out-of-pocket medical or dental expenses. Teachers who are exempted from participating in the Post-Retirement Health Reimbursement Account, per IRS guidelines, must direct one hundred percent (100%) of the monies into the Special Pay Deferral Plan.
Appears in 2 contracts
POST RETIREMENT/HEALTH REIMBURSEMENT ACCOUNT. The Post-Retirement Health Reimbursement Account is an employer-sponsored program that allows teachers to pay medical expenses and/or health insurance premiums after termination of public service. The Post-Retirement Health Reimbursement Account allows teachers to set aside money earned as an active teacher to cover costs of health or dental insurance, and other medical or dental expenses after termination of public service. Under the Post-Retirement Health Reimbursement Account, amounts contributed are tax-free and no taxes are paid on amounts paid since they must be used to pay health and dental insurance premiums or used to cover out- of-pocket medical or dental expenses. Teachers who are exempted from participating in the Post-Retirement Health Reimbursement Account, per IRS guidelines, must direct one hundred percent (100%) of the monies into the Special Pay Deferral Plan.
Appears in 1 contract
Samples: Terms And
