MONTHLY BENEFIT. Your monthly benefit is equal to 66 2/3% of your normal monthly earnings which are defined as your base rate times the regular hours per week and excludes overtime pay. This amount is reduced by an income payable to you as a result of your disability from any of the following sources:
MONTHLY BENEFIT i. For Coverage Year 2020, Employee will receive a maximum benefit up to $1,631.81 per month paid toward the medical, dental, and/or vision premiums, or may be contributed to a HRA at the discretion of the employee, irrespective of single, married, or family status. This amount includes the CalPERS Minimum Employer Contribution (“MEC”).
MONTHLY BENEFIT. Upon receipt of due proof that a Participant, while covered under this Plan, has incurred Total Disability, the Plan Administrator will, subject to the provisions of this Article III, pay the Participant a Monthly Benefit until such Monthly Benefits are terminated under the provisions of Article IV of this Plan. No Monthly Benefit will be paid to the Participant:
MONTHLY BENEFIT. The least of Items or below: of pretax monthly earnings, less of direct deductible sources of income; if the monthly benefit is taxable, of pretax monthly earnings, less of direct and indirect deductible sources of income; or if the monthly benefit is nontaxable, of post-tax monthly less of and indirect deductible sources of income; the maximum monthly benefit. Effective February (7)
MONTHLY BENEFIT. The monthly sum of benefits payable to the Participant while s/he is under a Disability, subject to the terms of this Plan.
MONTHLY BENEFIT i. For Coverage Year 2022, Employee will receive a maximum benefit up to $1,775.21 per month paid toward the medical, dental, and/or vision premiums, or may be contributed to a Health Reimbursement Account (HRA) and/or Dependent Care Program (DCAP) account at the discretion of the employee, irrespective of single, married, or family status. This amount includes the CalPERS Minimum Employer Contribution (“MEC”). For Coverage Year 2023, the District agrees to pay up to 6% of the increased cost of healthcare (or up to $ $1,881.72 per month), which may be paid toward the medical, dental, and/or vision premiums, or may be contributed to a HRA and/or DCAP account at the discretion of the employee, irrespective of single, married, or family status. This amount includes the MEC.
MONTHLY BENEFIT. If your Designated Account value falls below the Required Minimum, before the Maturity Date shown on the Contract Schedule, we send written notice to you and the Selling Firm. You then have a Benefit Grace Period to decide whether or not you want to receive the Monthly Benefit. The Benefit Grace Period is shown on the Contract Schedule. We call the last day of the Benefit Grace Period the Benefit Determination Date. If you take no action by the Benefit Determination Date, the Selling Firm will liquidate your Designated Account assets and send the money to us as the Final Premium. On the Benefit Determination Date, we calculate the Monthly Benefit amount and determine the Monthly Benefit Start Date. The Monthly Benefit does not change after the Benefit Determination Date. If the last surviving Covered Person dies on or after the Benefit Determination Date, we pay the Beneficiary the Final Premium minus the total Monthly Benefits paid to date. Monthly Benefit and Monthly Benefit Start Date if the younger Covered Person has reached the Exercise Age by the Benefit Determination Date If the Withdrawal Start Date has not occurred, the Monthly Benefit on the Benefit Determination Date is equal to the Benefit Base at the end of the prior Business Day multiplied by the Withdrawal Percentage based on the Current Treasury Rate that is in effect, divided by 12. The Monthly Benefit Start Date is the Business Day immediately after the Benefit Determination Date. If the Withdrawal Start Date has occurred, the Monthly Benefit on the Benefit Determination Date is equal to the Benefit Base at the end of the prior Business Day multiplied by the Withdrawal Percentage used to determine the Permitted Withdrawal Limit on the most recent Contract Anniversary, divided by 12. We then determine the Monthly Benefit Start Date as follows. If your total Permitted Withdrawal Limit from the prior Contract Anniversary is less than the total Permitted Withdrawals and/or Excess Withdrawals taken during the current Contract Year, then the Monthly Benefit Start Date is the next Contract Anniversary. Otherwise, we calculate the number of Monthly Benefits you are entitled to for the remainder of this Contract Year as: (A – B) ÷ C, where: A = Permitted Withdrawal Limit from the prior Contract Anniversary. B = Total Permitted Withdrawals and/or Excess Withdrawals taken during the current Contract Year. C = The Monthly Benefit determined on the Benefit Determination Date. Next, we round this up to...
MONTHLY BENEFIT. The monthly benefit payable shall be one-twelfth (1/12th) of an amount equal to $75,000.00.
