Hard Cap definition
Examples of Hard Cap in a sentence
The remainder of the total annual employer Hard Cap contribution shall be paid towards the cost of the MESSA medical plan premium.
The annual Employer paid amounts shall adjust at the beginning of each plan year (July 1 through June 30), at 90% of the maximum State Hard Cap permitted by Section 3 of the Publicly Funded Health Insurance Contribution Act (PA 152).
Should the premium be below the Hard Cap, the employee is entitled to compensation equal to the difference between the employer’s maximum contribution and the premium of the plan they elected.
The remaining annual cost for the member’s elected medical plan premiums and the pre-funded balance that exceeds the Hard Cap amounts, if applicable, shall be paid by the member and will be payroll deducted in equal bi-weekly amounts through a qualified Section 125 Plan.
For the duration of this Agreement, the City shall continue to enforce the Hard Cap under Public Act (PA) 152.