Cash Option. (a) The Employer may permit a Participant to elect to defer to the Plan, an amount not to exceed % of any Employer paid cash bonus made for such Participant for any year. A Participant must file an election to defer such contribution at least fifteen (15) days prior to the end of the Plan Year. If the Employee fails to make such an election, the entire Employer paid cash bonus to which the Participant would be entitled shall be paid as cash and not to the Plan. Amounts deferred under this section shall be treated for all purposes as Elective Deferrals. Notwithstanding the above, the election to defer must be made before the bonus is made available to the Participant.
Cash Option. An employee shall have the option of exchanging five days of her annual vacation for two percent of gross salary earned during that fiscal year, which shall be paid:
(a) at the end of the fiscal year (March 31); or
(b) at such earlier time at which the employee chooses to take at least five days of annual vacation. The cash option shall be calculated on the following basis:
(1) Employees who choose the cash option shall forfeit five days of the annual vacation to which they are entitled under Clause 16.2.
(2) The cash option shall be calculated on the basis of gross salary earned during the fiscal year.
Cash Option. Full-time employees who have been continuously employed full-time by the district during the 96-97 and subsequent school years (prior to July 31, 1997) may exercise a cash option in lieu of single or family health and dental insurance in accordance with the cash option plan adopted by the District subject to the same conditions and limitations as other employees. Full-time employees who have not been continuously employed full-time by the district during the 96-97 school year (prior July 31, 1997) will not be eligible to participate in the cash option plan.
Cash Option a. An eligible Member may elect to receive a $150 cash option per month in lieu of receiving the District’s health insurance coverage. Payment of the cash option will begin the month that the District would have begun paying the premiums had the Member elected to receive coverage.
b. An eligible Member who loses health insurance coverage under another health insurance plan will be able to resume coverage under this Agreement at any time. Payment of the cash option will cease upon the effective date of the coverage. In this event, the Member must enroll in the District’s health insurance plan within thirty (30) days of the date of loss.
Cash Option. Bargaining unit members without dependent coverage who are employed and receiving cash option money as of July 1, 2007, shall continue to receive $155 per month, minus the cost of the higher plan premium should the employee select the higher priced plan. Commencing July 1, 2012 (the year in which the District begins paying seventy-five percent (75%) dependent coverage), the cash-back will be eliminated. Part-time employees will be entitled to pro-rata payment of dependent coverage.
Cash Option. The BOARD will make arrangements to afford individual Professional Staff Members the opportunity to elect a cash option upon written request, in lieu of all medical insurance coverages provided in this article, subject to the limitation on BOARD contributions toward the cost of such option contained in the following paragraph. Subsequent opportunity to exercise or to revoke the exercise of such option shall be provided as may be mutually agreed upon by the BOARD and the ASSOCIATION, but not more frequently than once in any twelve (12) month period. On behalf of each Professional Staff Member electing the cash option under the preceding paragraph, the BOARD will pay the Professional Staff Member six hundred dollars ($600.00) each year. The quarterly gross payments shall be $150.00.
Cash Option. Notwithstanding any other provision of the contract to the contrary, the employer shall provide a cash option in lieu of health benefits. The cash amount shall be the single subscriber rate per month. The employer shall formally adopt a qualified plan document, which complies with Section 125 of the Internal Revenue Code. The amount of the cash payment received may be applied by the bargaining unit member to an MEA Financial Services Tax-Deferred Annuity. To elect a tax-deferred annuity, the bargaining unit member shall enter into a salary reduction agreement. All cost relating to the implementation and administration of benefits under this program shall be borne by the employer. The Section 125 administration shall be provided by MESSA OptionAll. The employer shall enter into a MESSA OptionAll Administrative Services Contract.
Cash Option. 2.3.1. Either you or MiX Telematics may terminate this Agreement by giving at least 20 (twenty) Business Days’ written notice.
Cash Option. Employees who are not eligible for health insurance and who do not elect health options may elect to receive cash (through a qualified IRS Section 125C Salary Reduction Plan). The amount of the cash option is determined per the “Preamble for Appendices A & C”. Employees must elect this option annually during the open enrollment period. Part-time employees receive a prorated cash option amount.
Cash Option. The employer shall provide the cash option in lieu of health benefits. As of January 1, 2009, new employees and current employees new to any position of 1,300 or more annual work hours and who are therefore eligible for board paid medical benefit coverage but choose not to elect it will qualify for a cash option of $2,500. The employer shall formally adopt a qualified plan document, which complies with Section 125 of the Internal Revenue Code. Employees receiving fifty percent (50%) cash in lieu of health benefits (per prior collective bargaining agreement) prior to January 1, 2009 will continue to receive this benefit at the amount received in the 2008-09 school year (Single- $3,500.22, TP-$7860.18, FF-$8732.46 or 50% of dollar amount listed in Article 15C). Those grandparented employees whose eligibility becomes reduced (for example, from Full Family to Two Person) will receive a subsequent reduction in benefit. As of January 1, 2009, new employees and current employees new to any position with less than 1,300 annual work hours per year are not eligible for a cash option. Employees receiving fifty percent (50%) cash in lieu of medical benefits (per prior collective bargaining agreement) prior to January 1, 2009 will continue to receive this benefit at 50% of dollar amount listed in Article 15C.
