Cash in Lieu of Healthcare Benefits Sample Clauses

Cash in Lieu of Healthcare Benefits. For bargaining unit members hired before July l, 2015, the District shall provide a medical rebate of forty percent (40%) of the current Health Benefit Allowance amount pursuant to 4.1 for eligible, current employees. This change in benefit will take effect one (1) month following ratification by both the Stockton Unified School District Board of Trustees and the Stockton Teachers Association. For eligible current employees, the District shall reduce/increase cash in lieu of healthcare benefits (previously called “Insurance Rebate” or “Medical Rebate”) to $350, as shown below: ● Employees receiving the lower tier (bargaining unit members hired on or after July l, 2015) of $283 (12--month rate: $308.73 when calculated as 11--month rate) shall be increased to $350 a month. ● Employees receiving the higher tier (bargaining unit members hired before July l, 2015) of $805.38 (12--month rate: $878.60 when calculated as 11--month rate) shall be decreased to $350 monthly using the multi-year decrease in the chart below. The increase of the lower- tier cash-in-lieu will take effect at the end of the month December payroll 2024, with the decrease of the higher--tier modifying each December payroll as follows: calendar year higher- tier (12-month rate) higher- tier (11-month rate) lower-tier (12-month rate) lower-tier (11-month rate) 2024 (yearly amount) $805.38 ($9,664.56) $878.60 ($9,664.60) $283.00 ($3,396.00) $308.73 ($3,396.03) 2025 (yearly amount) $643.50 ($7,722) $702.00 ($7,722) $350.00 ($4,200) $350.00 ($3,850) 2026 (yearly amount) $482.17 ($5,786) $526.00 ($5,786) $350.00 ($4,200) $350.00 ($3,850) 2027 onward (yearly amount) $350.00 ($4,200) $350.00 ($3,850) $350.00 ($4,200) $350.00 ($3,850)
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Cash in Lieu of Healthcare Benefits. The District shall reduce the Medical Rebate to $350 as shown below: The “Medical Rebate” section shall be retitled “Cash In Lieu of Healthcare Benefits”. The reduction/increase to the existing rebate will take effect end of month December payroll 2024 as follows: Calendar Year 2024 2025 2026 2027 Higher-Tier Medical Rebate - 12 month $797.95 $648.63 $499.31 $350.00 Lower-Tier Medical Rebate - 12 month $398.98 $350.00 $350.00 $350.00
Sample 1

Related to Cash in Lieu of Healthcare Benefits

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • Definitions For purposes of this Agreement:

  • Term The term of this Agreement will be ten (10) years from the Effective Date (as such term may be extended pursuant to Section 4.2, the “Term”).

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

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