Common use of Cash Option Clause in Contracts

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. The BOARD will make arrangements to afford individual Professional Staff Members employees the opportunity to elect a cash option upon written request, in lieu of all medical insurance coverages coverage 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 ASSOCIATIONBuilding Trades Union, 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 employee six hundred dollars ($600.00) each year. The quarterly gross payments shall be $150.00.