Benefit Fund Contribution; Excess Funds to Deferred Compensation Sample Clauses

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance 8-1 Section 8.02. COBRA 8-2 Section 8.03. Medical Insurance (Retirees) 8-3 ARTICLE 9: LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE 9-1 ARTICLE 10: LONG-TERM DISABILITY INSURANCE 10-1 ARTICLE 11: RETIREMENT 11-1 ARTICLE 12: HOLIDAYS 12-1 Section 12.01. Holiday Leave 12-1 Section 12.02. Holiday Accrual Bank 12-4 Section 12.03. Holiday Pay Option 12-4 ARTICLE 13: VACATION 13-1 ARTICLE 14: LEAVES 14-1 Section 14.01. Sick Leave 14-1 Section 14.02. Bereavement Leave 14-4 Section 14.03. Family and Medical Care Leave 14-5 Section 14.04. Pregnancy Leave 14-15 Section 14.05. Jury Duty 14-16 Section 14.06. Military Leave 14-17 Section 14.07. Leaves of Absence Without Pay 14-19 Section 14.08. Injury on Duty/Workers' Compensation 14-19 ARTICLE 15: HOURS OF WORK, WORK PERIODS, AND PAY PERIODS 15-1 ARTICLE 16: OVERTIME 16-1 ARTICLE 17: MILEAGE/AUTOMOBILE ALLOWANCE 17-1 ARTICLE 18: ANNUAL AND BIANNUAL PHYSICAL EXAMS 18-1 ARTICLE 19: PREMIUM PAY PLAN 19-1 ARTICLE 20: CLASSIFICATION AND COMPENSATION PLANS 20-1 ARTICLE 21: MERIT SYSTEM 21-1 ARTICLE 22: APPOINTMENTS AND PROMOTIONS 22-1 ARTICLE 23: PROBATION 23-1 ARTICLE 24: TRANSFER 24-1 ARTICLE 25: ASSIGNMENT 25-1 Section 25.01. Temporary Employees 25-1 Section 25.02. Shift Staffing Level 25-1 ARTICLE 26: PERFORMANCE APPRAISAL 26-1 ARTICLE 27: TERMINATION OF EMPLOYMENT 27-1
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Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective July 2022, the City agrees to contribute to a benefit fund from a rate of $1,400 per month to a rate of $1,500 per month, per employee. The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City- sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 7.03 and/or other relevant sections of this Agreement. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund. To satisfy participation requirements imposed by health care providers and brokers of health care plans, and to prevent the negative impact employee dropout would have on premium rates for City-provided health care plans, the City is restricted in its capacity to allow less than 100 percent employee participation; therefore, at a minimum, each employee is required to maintain, or enroll in, "employee-only" coverage for City-provided medical, dental, and optical insurance plans; each employee shall also be responsible for paying any copayment, deductible, emergency room fee, and/or other associated costs related to health care.
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Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance 7-1 Section 7.02. COBRA 7-2 Section 7.03. Medical Insurance (Retirees) 7-3 ARTICLE 8: LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE 8-1 ARTICLE 9: LONG-TERM DISABILITY INSURANCE 9-1 ARTICLE 10: RETIREMENT 10-1
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Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance
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Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance). Management employees, excluding Fire Captains, are eligible for consideration and possible inclusion in the City's deferred compensation program up to a maximum of 4 percent of base salary, upon recommendation by the concerned department head and approval of the City Manager. Participation in this plan is not a right of employees, but is a benefit to be earned based on job performance. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. (For additional benefit conversion instructions, restrictions, and policies see Article 13: Leaves, Sec...
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Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Fiscal Year 2023-24 Benefit Fund Contribution. Effective July 2023, City shall increase the premium contribution to the benefit fund for all full-time represented members of the bargaining group by $50 per month, to a maximum of $1,550 per month. The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City-sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 7.03 and/or other relevant sections of this Agreement. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund.
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Related to Benefit Fund Contribution; Excess Funds to Deferred Compensation

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

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