PRORATED BENEFIT Sample Clauses

PRORATED BENEFIT. Those teachers working halftime but less than full time (daily) will receive a benefit prorated on a seven and one-half (7½) hour day. Those teachers working a full day, but less than a full year and those teachers on an unpaid leave of absence for more than five (5) days during a year will receive a benefit prorated on the total number of scheduled teacher work days that year.
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PRORATED BENEFIT. Those teachers working halftime but less than full time (daily) will receive a benefit prorated on a six (6) hour day. Those teachers working a full day but less than a full year and those teachers on an unpaid leave of absence for more than five (5) days during a year will receive a benefit prorated on one hundred eighty-two (182) teacher workdays. Those teachers affected by a prorated allowance will have the option to continue full benefits by direct payment of a supplement to the business office. R: 77, 86, 97, 00, 03, 04, 06 Coverage of benefits will be for a full twelve (l2) month year (September through August) providing the employee works the entire school year. The Board agrees to provide eligible members of the bargaining unit with MESSA PAK health insurance, dental insurance, vision care insurance, and $5,000 of PAK life and AD&D insurance for those who choose to receive it. All eligible members who select health insurance receive with MESSA Choices II or MESSA ABC Plan 1. In addition, the Board will provide an additional $15,000 of life insurance coverage. R: 04, 06, 09, 11 All members not enrolling in PAK A will be in PAK B and will receive $200.00 per month in cash in lieu of health insurance which is part of the district's Section 125 Plan as set forth in Article XV - E2. Employees may payroll deduct this amount and place it into a tax sheltered annuity (Section 403b) from a firm authorized according to the procedure in Article IV. (SEE Section A). Employees who select this option will also receive PAK A insurances as described in Section B of this article. R:95, 97, 00,01,02,04 The rates for PAK A (Choices II or MESSA ABC Plan 1) and PAK B per month for the months of July 1, 2015 through December 31, 2015 are as follows: PAK A (Choices II) Total Premium Employer’s Share Employee’s Share Single 660.90 528.72 132.18 Employee+1 1474.27 1179.42 294.85 Family 1884.99 1507.99 377.00 PAK A (MESSA ABC Plan 1) Single 613.93 491.14 122.79 Employee+1 1346.72 1077.37 269.34 Family 1683.47 1346.77 336.69 PAK B Single 21.24 16.99 4.25 Employee+1 43.42 34.74 8.68 Family 84.84 67.87 16.97 As of January 1, 2016, all members will be required to participate in the H.S.A. (MESSA ABC Plan 1). Enrollment will be conducted during the month of November. N:15 The employee will pay the difference between what the Board pays and the total monthly premium. The district will provide employees a Premium Conversion Benefit which will allow employees to pay for their share...
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PRORATED BENEFIT. Those teachers working halftime but less than full time (daily) will receive a benefit prorated on a six (6) hour day. Those teachers working a full day but less than a full year and those teachers on an unpaid leave of absence for more than five (5) days during a year will receive a benefit prorated based upon one hundred eighty-two (182) teacher workdays. Those teachers affected by a prorated allowance will have the option to continue full benefits by direct payment of a supplement to the business office. Coverage of benefits will be for a full twelve month year (September through August) providing the employee works the entire school year. The Board agrees to provide eligible members of the bargaining unit with MESSA PAK health insurance, dental insurance, vision care insurance, and $5,000 of PAK life and AD&D insurance for those who choose to receive it. All eligible members who select health insurance receive with MESSA Choices II or MESSA ABC Plan 1. In addition, the Board will provide an additional $15,000 of life insurance coverage. Any member not participating in a health insurance plan (and their spouse does not receive health insurance from Lakeshore Public Schools) shall receive a monthly payment of $200 cash in lieu of health insurance. Any member who was employed with the District as of 6.30.17 and receiving the payment while having a spouse receiving health insurance from Lakeshore Public Schools will be “grandfathered” and shall continue to receive the payment. This payment shall be adjusted for a member who is less than a 1.00 FTE. The Board’s contribution toward the cost of insurance (medical, ACA fees, dental, vision, etc.) will be limited to the “hard cap” levels prescribed in the Publicly Funded Health Insurance Contribution Act MCL 15.561-.569, as amended. The District will set the amount of contribution annually (July 1 through June 30 based on the previously released January amounts). Any amount over the “hard cap” will be the member’s responsibility and shall be paid through automatic payroll deduction. <insert chart> The Board’s contribution to the MESSA ABC Plan 1 will be $1050/$2100 which will be funded monthly. If a deductible must be met due to medical services before Board funding is made, the Board will fund the deductible of that individual member without repercussions from the rest of the membership. The District’s share of the H.S.A contributions will be made monthly with the first pay of the month. If a member changes ov...
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PRORATED BENEFIT. Those teachers working halftime but less than full time (daily) will receive a benefit prorated on a six (6) hour day. Those teachers working a full day but less than a full year and those teachers on an unpaid leave of absence for more than five (5) days during a year will receive a benefit prorated on one hundred eighty-two (182) teacher workdays. Those teachers affected by a prorated allowance will have the option to continue full benefits by direct payment of a supplement to the business office. R: 77, 86, 97, 00, 03, 04, 06 Coverage of benefits will be for a full twelve (l2) month year (September through August) providing the employee works the entire school year. The Board agrees to provide eligible members of the bargaining unit with MESSA PAK health insurance, dental insurance, vision care insurance, and $5,000 of PAK life and AD&D insurance for those who choose to receive it. All eligible members who select health insurance receive with MESSA Choices II or MESSA ABC Plan 1. In addition, the Board will provide an additional $15,000 of life insurance coverage. R: 04, 06, 09, 11 Any member not participating in a health insurance plan (and their spouse does not receive health insurance from Lakeshore Public Schools) shall receive a monthly payment of $200 cash in lieu of health insurance. Any member who was employed with the District as of 6.30.17 and receiving the payment while having a spouse receiving health insurance from Lakeshore Public Schools will be “grandfathered” and shall continue to receive the payment. This payment shall be adjusted for a member who is less than a 1.00 FTE. R:95, 97, 00,01,02,04, 17. As of July 1, all members will be required to participate in one of the MESSA Plans below. Enrollment will be conducted from June 20 - June 30, 2017 and in the month of November. The Board’s contribution toward the cost of insurance (medical, ACA fees, dental, vision, etc.) will be limited to the “hard cap” levels prescribed in the Publicly Funded Health Insurance Contribution Act MCL 15.561-.569, as amended. The District will set the amount of contribution annually (July 1 through June 30 based on the previously released January amounts). Any amount over the “hard cap” will be the member’s responsibility and shall be paid through automatic payroll deduction. The rates for each of the plans per month for July 1, 2017 - December 30, 2018, unless adjusted by MESSA are below:
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Related to PRORATED BENEFIT

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Accrued Benefits The term "Accrued Benefits" shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Covered Benefits Benefits for Bone Mass Measurement for the prevention, diagnosis, and treatment of osteoporosis are covered when requested by a Health Care Provider for a Qualified Individual.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

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