Retirement Medical Trust Plan Administrator for approval Sample Clauses

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 A letter from the public sector retirement system(s) confirming that contributions have not been withdrawn must accompany the form.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 County Fire. 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).
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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 A letter from the public sector retirement system(s) confirming that contributions have not been withdrawn must accompany the form.
Sample 1Sample 2
Retirement Medical Trust Plan Administrator for approval. A letter from the public sector retirement system(s) confirming that contribution have not been withdrawn must accompany the form.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 County. 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 fund is a Voluntary Employees Benefit Association (VEBA) and will comply with all of the provision of Section 501(c)(9) of the Internal Revenue Code. At 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 Value Formula 241 to 480 hours 35% 481 to 720 hours 40% 721 to 840 hours 45% 841 to 960 hours 50% 961 to 1,200 hours 60% Upon the death of an active employee with ten (10) or more years of continuous service from the most recent date of hire in a regular position, the estate of the deceased employee will be paid the cash value for the unused sick leave balances according to the above formula, and will not go into the Trust. The County shall contribute to the Trust an amount equal to a percentage of the base biweekly salary of eligible employees as follows:
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