ANNUITY OPTION. If the employee waives health insurance coverage with proof of health insurance elsewhere, he/she may elect to receive, in addition to the dental, vision and life insurance benefits described above, a cash stipend of $240 each pay per contract year. This dollar amount may, at the election of the employee, be applied toward any insurance carrier options chosen by the employee and offered by the Board or may be received as a cash option under the terms of the Union City Community Schools Cafeteria Plan. If the employee elects to receive this cash option he/she may also separately direct this dollar amount to a tax-deferred annuity Section 403b of the Internal Revenue Code offered by the Board as a voluntary and elective contribution made through salary reduction.
Appears in 4 contracts
Samples: Collective Bargaining Agreement 2009 2011, www.mackinac.org, Collective Bargaining Agreement 2011 2013
