Cash in Lieu of Benefits for Eligible Retirees Sample Clauses

Cash in Lieu of Benefits for Eligible Retirees. Retirees who are eligible for health insurance and show evidence of being covered through a spouse’s employer, may waive medical insurance and receive up to $3,000 per year in lieu of health benefits. The same percentage rates of premiums paid for retirees will be adjusted to the amount of cash retirees receive per year. • Retirees must request to participate in the Cash In Lieu program during the District's standard Open Enrollment Period • The Cash In Lieu benefit will be earned at the same rate as the retiree’s earned prorated benefits entitlement (e.g. if an employee receives 40% of their medical cap, they will receive 40% of the negotiated Cash In Lieu benefit) • Employees retiring at any other time during the school year will begin to accrue the Cash In Lieu benefit on the first day of the second month following retirement (e.g. if an employee retires December 15, he/she will begin to accrue Cash in Lieu benefits on February 1). If the employee becomes eligible July 1st or August 1st, cash in lieu benefits will begin on September 1st when salary deductions occur in ten (10) month increments. • Payment will be made once a year in December • The Cash In Lieu benefit will be taxable • The Cash In Lieu of benefits will end when the retiree turns age 65 • The Benefits Department will send a reminder notice to eligible retirees of the Open Enrollment Period • The Benefits Department will run a supplemental payroll run for the Cash In Lieu payment which will automatically generate a W-2 • If there is a Qualifying Event, retirees can opt out of Cash In Lieu at any time during the year, but they can only switch into Cash In Lieu during the Open Enrollment Period
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Related to Cash in Lieu of Benefits for Eligible Retirees

  • Benefits for Retirees The Employer will continue payment of Extended Health, Semi-Private Health Care Coverage or equivalent for any employee from the date of early retirement to the age of sixty-five (65). However, the Employer will not continue payment of the Dental Plan or any other benefit plan, and employees will not be entitled to subscribe to same under any conditions.

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Benefits for Early Retirees The Hospital will provide to all employees who retire and have not yet reached age sixty-five (65) and who are in receipt of the Hospital’s pension plan benefits, semi-private, extended health care and dental benefits on the same basis as is provided to active employees, as long as the retiree pays the Employer the full amount of the monthly premiums in advance.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Predetermination of Benefits If charges for a planned course of treatment by a licensed dentist would exceed $300.00, proposed details and x-rays should be submitted to the Plan Administrator for approval. Failure to do so may result in a payment of a lesser benefit amount because of the difficulty in determining the need for such treatment after it has been provided. Dental x-rays will be promptly returned to the dentist.

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