GROUP INSURANCE COVERAGES. The foregoing group insurance coverages will be continued under circumstances of disability, lay-off, approved leave of absence and retirement to the extent specified in the following sections.
GROUP INSURANCE COVERAGES. The employer shall pay the maximum hard cap annual amounts towards the total cost of the below Medical plan designs, which are inclusive of medical premium and a Health Savings Account (HSA) funding described below for each plan year. These employer paid amounts shall adjust annually at the beginning of each plan year, to the maximum payment permitted by Section 3 of the Publicly Funded Health Insurance Contribution Act. The employee’s premium contribution will be payroll deducted, in equal installments over 21 pays for School Year employees and in 24 pays for Full Year employees, from the employee’s paycheck through a qualified Section 125 Plan and, as such, will not be subject to withholding. The employer’s “qualified Section 125 Plan” shall include any and all of the provisions necessary for pre-tax contributions to employee’s HSA accounts. Employees may contribute, through payroll deduction and electronic transfer additional money towards their HSA up to the maximum amounts allowed by Federal law. For 2019, the district will prefund the HSA deductible. Fifty percent (50%) of the HSA contributions will be paid during the first pay in January and June. The Board will fully fund all non-health (ancillary) insurance benefits. For 2020 and following years, the HSA deductible is the responsibility of the employee. In the event the premium for a sponsored plan under this article falls below the statutory hard cap, the employer will deposit the difference between the statutory hard cap and the premium as a lump sum payment on the first regular business day after January 1st of the applicable plan year.
GROUP INSURANCE COVERAGES. The Bank and Company will maintain for Executive, on the same basis (including any required employee premium contribution) as made available to active employees of the Bank, continued coverage under the Bank's group insurance programs (i.e. health, dental, group life, dependent life, personal accident insurance and group long-term disability insurance) for the thirty-six (36) month period for which resignation payments are made; provided, that coverage under the Bank's group programs will end at such earlier time as Executive may obtain employment which provides him with coverage under comparable programs of another employer. If Executive fails to obtain employment providing comparable coverages prior to expiration of such thirty-six (36) month period, Executive may continue coverage under the Bank or Company's group health and dental insurance programs for up to an additional eighteen (18) months at his expense as calculated by the Bank or Company. In addition to group life insurance coverage, the Bank or Company has paid the 2003 premium on a $150,000 face value insurance policy on Executive's life and will also pay the premiums as they come due for such policy in 2004 and 2005, after which the Bank will transfer the policy to Executive. The Bank or Company has also paid the 2003 premium on an executive disability policy and will also pay the premiums as they come due for such policy in 2004 and 2005, after which the policy shall become Executive' responsibility to continue if he so chooses (any amounts received by Executive under said disability policy will be credited for disability obligation offset purposes against the Bank's obligations under Section 1 above).
GROUP INSURANCE COVERAGES. Effective January 1, 2017 the following benefits will be available to employees as per the updated Group Plan booklet. An updated benefit booklet outlining the details of this benefit program will be issued to each employee prior to the active date and updated as necessary.
