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.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
