Common use of City Funding of Retiree Health Benefit Clause in Contracts

City Funding of Retiree Health Benefit. ‌ City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,

City Funding of Retiree Health Benefit. ‌ City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,.

City Funding of Retiree Health Benefit. ‌ City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,