Retirement Medical Trust Fund Sample Clauses

Retirement Medical Trust Fund. ‌ A Retirement Medical Trust Fund will be established for eligible Unit employees. The Trust is administered by a Board of Trustees who manage the resources of the Trust Fund and determine appropriate investment options and administrative fees for managing the Trust Fund. The Trustees insure that payments of qualified medical expenses incurred by retirees or their eligible dependents are properly reimbursed. The Trust will establish individual accounts for each participant who will be credited with earnings/losses based upon the investment performance of the participant’s individual account. All of the contributions to the Trust Fund will be treated for tax purposes as employer, non-elective contributions resulting in tax-free contributions for the District. All of the distributions from the Trust Fund made to retirees or their eligible dependents for the reimbursement of qualified medical expenses as defined by the Internal Revenue Codes (including medical and other eligible insurance premiums) will also be non-taxable to the retiree or the retiree’s eligible dependent(s). The Trust is a Voluntary Employees Benefit Association (VEBA) and will comply with all of the provisions of Section 501(c)(9) of the Internal Revenue Code.
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Retirement Medical Trust Fund. In the event the Association forms or joins a Retirement Medical Trust Fund, all employees covered under this Agreement will participate in accordance with Federal and State Laws applicable to employee benefit trust funds (26 USC 501 (c)(9). The monies contributed to the Retirement Trust shall be used only for retiree health insurance premiums or health service expenses. The employee’s contribution shall be made by automatically deducting the specified amount from the paycheck of eligible employees prior to any taxes being withheld. The amount of the payroll deduction shall be determined by the Retirement Trust.
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Retirement Medical Trust Fund. Notwithstanding any other provision of this Agreement (with specific reference to Article 12 and Article 14), and no earlier than September 1, 2004, the Association or the County agrees to meet and confer with the other party upon request regarding a cost-neutral Retirement Medical Trust Fund and to re-open those provisions of this Agreement which may be affected.
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Retirement Medical Trust Fund. A Retirement Medical Trust Fund has been established for eligible Unit employees. Eligible employees are those employees with ten (10) or more years of participation in the San Bernardino County Employees’ Retirement Association (SBCERA); or those individuals who contributed to a public sector retirement system or systems over a ten (10) year period and did not withdraw their contributions from the retirement system(s); or those who receive a disability retirement. Those eligible employees with ten (10) or more years of combined contributions to SBCERA and other public sector retirement system(s) must complete a Prior Service Credit Request form and submit it to the
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Retirement Medical Trust Fund. Effective July 1, 2002, the Association did join a trust fund for the purpose of funding health insurance coverage for retirees. The above-referenced Retirement Trust is established for the purpose of subsidizing the retiree’s cost of health insurance coverage for those who retire after July 1, 2001. The Retirement Trust has been established in accordance with federal and State laws applicable to employee benefit trust funds (26 USC 501(c)(9)). The monies contributed to the Retirement Trust shall be used only for retiree health insurance premiums or health service expenses. The employee’s contribution shall be made by automatically deducting the specified amount from the paycheck of eligible employees prior to any taxes being withheld. The amount of the payroll deduction shall be determined by the Trust. To be vested in the Retirement Trust, an employee must meet the minimum contribution requirement established by the Trust. Upon retirement of an employee who has not met the minimum contribution requirement, the Department may, with the employee’s consent, deduct from the employee’s sick leave cash out and contribute to the Retirement trust the amount necessary (as determined according to the rules of the Retirement Trust) to meet the minimum contribution requirement of the Retirement Trust.
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Retirement Medical Trust Fund. A Retirement Medical Trust Fund will be established for eligible Unit employees. Eligible employees are those employees with ten (10) or more years of participation in the San Bernardino County Employees’ Retirement Association (SBCERA); or those individuals who contributed to a public sector retirement system or systems over a ten (10) year period and did not withdraw their contributions from the retirement system(s); or those who receive a disability retirement. Those eligible employees with ten (10) or more years of combined contributions to SBCERA and other public sector retirement system(s) must complete a Prior Service Credit Request form and submit it to the Retirement Medical Trust Plan Administrator for approval. A letter from the public sector retirement system(s) confirming that contributions have not been withdrawn must accompany the form. The Trust is administered by a Board of Trustees who manage the resources of the Trust Fund and determine appropriate investment options and administrative fees for managing the Trust Fund. The Trustees insure that payments of qualified medical expenses incurred by retirees or their eligible dependents are properly reimbursed. The Trust will establish individual accounts for each participant who will be credited with earnings/losses based upon the investment performance of the participant’s individual account. All of the contributions to the Trust Fund will be treated for tax purposes as employer, non-elective contributions resulting in tax-free contributions for the District. All of the distributions from the Trust Fund made to retirees or their eligible dependents for the reimbursement of qualified medical expenses as defined by the Internal Revenue Codes (including medical and other eligible insurance premiums) will also be non-taxable to the retiree or the retiree’s eligible dependent(s). The Trust is a Voluntary Employees Benefit Association (VEBA) and will comply with all of the provisions of Section 501(c)(9) of the Internal Revenue Code. At retirement (including disability retirement), all eligible employees will be required to contribute the cash value of their unused sick leave balances to the Trust, in accordance with the conditions described below. Amount of Remaining Sick Leave Hours Cash Formula Value 672 hours or less 30% 673 to 840 hours 35% 841 to 1,008 hours 40% 1,009 to 1,176 hours 45% 1,177 to 1,344 hours 50% 1,345 to 1,680 hours 60% Effective the first pay period of January 2006, the Dist...
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Retirement Medical Trust Fund. Effective July 1, 2002, the Association will join a trust fund for the purpose of funding health insurance coverage for retirees. It is the Association’s intent to join the existing PMSA medical trust fund. Contributions to the fund will be deducted from the paycheck of eligible employees.
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