Common use of Benefit Fund Contribution; Excess Funds to Deferred Compensation Clause in Contracts

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.

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective July 20222020, the City agrees to contribute to a benefit fund from a rate of $1,400 1,300 per month to a rate of $1,500 1,350 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.

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective July 2022September 2021, the City agrees to contribute to a benefit fund from a rate of $1,400 1,350 per month to a rate of $1,500 1,400 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.

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Insurance A. Effective July 2022December 1, 2022 the City agrees to contribute to a benefit fund from at a rate of $1,400 per month to a rate of $1,500 1,200 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- 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 8.03 and/or other relevant sections of this AgreementMOU. 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. B. Effective July 1, 2023, the City agrees to increase the benefit fund contribution from $1,200 per month to $1,300 per month, per employee. C. Effective July 1, 2024, the City agrees to increase the benefit fund contribution from $1,300 per month to $1,375 per month, per employee.

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective July 2022the first pay period in September 2019, the City agrees to contribute increase the contribution to a benefit fund from at a rate of $1,400 1,100 per month to a rate of $1,500 1,150 per month, per employee. Effective the first pay period in July 2020, the City agrees to increase the contribution to a benefit fund at a rate of $1,150 per month to a rate of $1,200 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-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- 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 9.03 and/or other relevant sections of this AgreementMOU. 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-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.