Alternate Benefit Plan Sample Clauses
An Alternate Benefit Plan clause defines the option for providing a different benefit arrangement than the standard plan, typically when the original benefit is unavailable or not cost-effective. In practice, this clause allows the insurer or plan administrator to substitute a less expensive or functionally equivalent benefit, such as covering a basic dental procedure instead of a more costly alternative. The core function of this clause is to control costs for the insurer while still ensuring that the insured receives necessary services, thereby balancing coverage with financial sustainability.
Alternate Benefit Plan. All eligible bargaining unit members shall be enrolled in the Alternate Benefit Plan. The Alternate Benefit Plan is administered by the New Jersey Division of Pensions, is subject to appropriate legislation, and has three (3) elements:
a. Retirement Annuity Plan
b. Group Life Insurance Plan
c. Disability Insurance Plan
Alternate Benefit Plan. The Employer will provide for an Alternate Benefit Plan (ABP) under the Internal Revenue Service code that will permit employees to choose cash in lieu of health and/or dental benefits on a calendar year basis (§125). The Alternate Benefit Plan (ABP) as an alternative to (in lieu of) single or family health coverage and/or single or family dental coverage provides as follows:
1. Employees eligible for family health and family dental insurance shall select to receive either family health and/or dental or to receive cash payments in lieu of family health and/or family dental. Employees selecting cash payment shall receive an amount equal to the single rate paid directly to the Employee in lieu of insurance coverage monthly.
2. Employees eligible for family health and dental coverage who select the ABP cash amount in lieu of dental insurance shall receive the amount of the cost of the single dental plan as a cash payment monthly. Employees who choose to keep the family dental but select the ABP cash amount in lieu of health insurance shall receive the amount of the cost of the single health plan as a cash payment monthly.
3. An employee receiving single coverage for either plan (health and/or dental), who opts for the ABP (cash in lieu of insurance) shall receive 50% of the single rate (health, dental, or both) subject to the same rules, regulations, and qualifications as contained in this section.
4. Where the Employer employs both spouses, one spouse will be eligible for participation in the ABP as if both employees had family coverage.
5. The initial selected choice of cash payment or insurance shall occur during the hiring process. Thereafter any change in the choice will occur between 10/1-10/15, to become effective on January 1 of the next year, except where a cafeteria change is permitted.
6. Any employee who fails to make a selection shall automatically be placed in the appropriate health and dental plan.
7. The cash payment shall not be considered salary or wages for any other reason or benefit under the terms and conditions of the CBA, including but not limited to, retirement, severance, post retirement benefits, etc.
8. The cash payment shall be subject to appropriate taxation as defined by the IRS and the State of Wisconsin (e.g. Payroll taxes, FICA, Medicare, etc.)
9. At the employee’s option, the employer shall assist employees in placing the cash payment into the employees 401(k) and or ▇▇▇▇ 401(k) up to the allowable legal limit.
a. An employe...
Alternate Benefit Plan. All eligible faculty members shall be enrolled in the Alternate Benefit Plan. The Alternate Benefit Plan is administered by the New Jersey Division of Pensions, is subject to appropriate legislation, and has three (3) elements:
1. Retirement Annuity Plan
2. Group Life Insurance Plan
3. Disability Insurance Plan
Alternate Benefit Plan. In exchange for benefits specified in this Contract, BCBSNC may elect to offer benefits for services furnished by any Provider or vendor pursuant to a BCBSNC approved Alternate Benefit Plan. An “Alternate Benefit Plan” is defined as a BCBSNC approved plan of cost-effective care, services and benefits based on a cost/benefit analysis of care for selected Members under this Contract.
Alternate Benefit Plan. In exchange for benefits specified in this Contract, Blue Cross NC may elect to offer benefits for services furnished by any Provider or vendor pursuant to a Blue Cross NC approved Alternate Benefit Plan. An “Alternate Benefit Plan” is defined as a Blue Cross NC approved plan of cost- effective care, services and benefits based on a cost/benefit analysis of care for selected Members under this Contract.
Alternate Benefit Plan. All eligible Program Directors shall be enrolled in the Alternate Benefit Plan. The Alternate Benefit Plan is administered by the New Jersey Division of Pensions, is subject to appropriate legislation, and has three (3) elements:
1. Retirement Annuity Plan
2. Group Life Insurance Plan
3. Disability Insurance Plan