Common use of Retirement Health Savings Plan Clause in Contracts

Retirement Health Savings Plan. Effective July 1, 2010, employees who are not eligible for retirement medical benefits in accordance with Section 14.7 and who were hired after July 2, 2005, shall be eligible to receive Retirement Health Savings Plan (RHSP) benefits. The County shall make monthly deposits in the RHSP for each eligible employee according to the following schedule based on years of completed continuous services (starting with the beginning of the 4th year of service): Years of Service Pay Period Payments Yearly Payments 4 to 5 $21 $504 6 to 10 $42 $1,008 11 to 15 $63 $1,512 16 to 19 $84 $2,016 20 plus $105 $2,520 For initial implementation of this benefit, Xxxxxx County Human Resources will provide informational meetings and enroll eligible nurses in June 2010. During this same period, nurses grandfathered under section 14.7 will have a one-time opportunity to elect the Retirement Health Savings Plan benefit in lieu of the Retirement Health and Dental Insurance described in 14.7. After the initial implementation of this benefit, newly eligible employees will be enrolled upon completion of the years of service requirement. Should an eligible employee fail to complete the enrollment paperwork for the RHSP benefit the County shall invest payments on their behalf in the Money Market Fund. The employee may change the portfolio investments in accordance with the provider’s policies.

Retirement Health Savings Plan. Effective July 1, 2010, employees who are not eligible for retirement medical benefits in accordance with Section 14.7 and who were hired after July 2, 2005, shall be eligible to receive Retirement Health Savings Plan (RHSP) benefits. The County shall make monthly deposits in the RHSP for each eligible employee according to the following schedule based on years of completed continuous services (starting with the beginning of the 4th year of service): Years of Service Pay Period Payments Yearly Payments 4 to 5 $21 $504 6 to 10 $42 $1,008 11 to 15 $63 $1,512 16 to 19 $84 $2,016 20 plus $105 $2,520 For initial implementation of this benefit, Xxxxxx County Human Resources will provide informational meetings and enroll eligible nurses in June 2010. During this same period, nurses grandfathered under section 14.7 will have a one-one time opportunity to elect the Retirement Health Savings Plan benefit in lieu of the Retirement Health and Dental Insurance described in 14.7. After the initial implementation of this benefit, newly eligible employees will be enrolled upon completion of the years of service requirement. Should an eligible ONA/BEC Collective Bargaining Agreement 2013-2017 36 1 employee fail to complete the enrollment paperwork for the RHSP benefit the 2 County shall invest payments on their his or her behalf in the Money Market Fund. The 3 employee may change the portfolio investments in accordance with the provider’s 4 policies.