Cash in Lieu of Insurance. Eligible full-time employees, electing not to participate in the health insurance benefit, upon demonstration of having alternative group-sponsored health insurance coverage (or other qualifying health coverage as defined in the Section 125 Plan) for themselves and their eligible dependents, may elect to receive $2,400 in lieu of insurance (accrued at a rate of $200/month of eligible coverage). Payment for accrued cash-in-lieu of insurance benefits shall be paid in two installments – one in December and one in June). The sum in lieu of insurance will be an annual option for eligible employees, who must make such election by a date set forth by the Superintendent on a form available from the Superintendent. An employee so electing payment in lieu of insurance who then seeks to reverse their decision during the health plan benefit year may do so subject to the regulations of the carrier. New employees who are also eligible for insurance will also be offered this option (on a prorated basis if working a partial election year). All other terms and conditions shall be as defined in the District’s Section 125 plan document. This cash in lieu of insurance option is not available to the following employees:
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