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Common use of Contribution Rates Clause in Contracts

Contribution Rates. The month for which the contribution is due is referred to as the "benefit month" and the month immediately preceding the benefit month is referred to as the "wage month." The Company shall each and every benefit month make the following monthly contribution to the Fund on each and every eligible employee who elects benefit coverage. EFFECTIVE 11/1/2001, THE HEALTH INSURANCE PREMIUMS FOR EMPLOYEES WILL BE AS FOLLOWS: -38- EMPLOYEE ONLY COVERAGE MEMBER PLUS ONE FAMILY ------------------------------------------------------------------------------ PPO $32.00/month $ 65.00/month $ 90.00/month Plan E $85.00/month $178.00/month $234.00/month The cost sharing ratios for any increase in premiums up to the 5% cap shall be the same as the ratios effective November 1, 2001. The Employer and the Union shall have the right to confirm any increase or decrease in contribution rates occurring during the term of this Agreement. The Fund shall provide the Employer and the Union with information, including carrier reports and other source documentation, reasonably necessary to confirm such rate changes. Moreover, if requested the Fund will make a personal presentation on an annual basis of any increases or decreases in contribution rates. Any increase in total insurance premium costs in the second year which exceeds five (5%) percent over the total insurance premium costs in the first year will give the Company the option to cease participation in the USWA Health and Welfare Fund. This same option will apply if the total insurance premium costs in the third year exceed by more than five (5%) percent the total insurance premium costs from the second year and similarly if the fourth year exceeds the third year by more than five (5%) percent. If the Company opts out, the Company and the Union reserve the right to review the plan and mutually determine continuation of coverage through a plan offering comparable coverage.

Appears in 1 contract

Samples: Collective Bargaining Agreement (Simmons Co /Ga/)

Contribution Rates. The month for which the contribution is due is referred to as the "benefit month" and the month immediately preceding the benefit month is referred to as the "wage month." The Company shall each and every benefit month make the following monthly contribution to the Fund on each and every eligible employee who elects benefit coverage. EFFECTIVE 11/1/2001, THE HEALTH INSURANCE PREMIUMS FOR EMPLOYEES WILL BE AS FOLLOWS: -38- EMPLOYEE ONLY COVERAGE MEMBER PLUS ONE FAMILY ------------------------------------------------------------------------------ -------------------------------------------------------------------------------- PPO $32.00/month $ 65.00/month $ 90.00/month Plan E $85.00/month $$ 178.00/month $$ 234.00/month The cost sharing ratios for any increase in premiums up to the 5% cap shall be the same those ratios as determined by the ratios effective November 1, 2001. The Employer and the Union shall have the right to confirm any increase or decrease in contribution rates occurring during the term of this Agreement. The Fund shall provide the Employer and the Union with information, including carrier reports and other source documentation, reasonably necessary to confirm such rate changes. Moreover, if requested the Fund will make a personal presentation on an annual basis of any increases or decreases in contribution rates. Any increase in total insurance premium costs in the second year which exceeds five (5%) percent over the total insurance premium costs in the first year will give the Company the option to cease participation in the USWA Health and Welfare Fund. This same option will apply if the total insurance premium costs in the third year exceed by more than five (5%) percent the total insurance premium costs from the second year and similarly if the fourth year exceeds the third year by more than five (5%) percent. If the Company opts out, the Company and the Union reserve the right to review the plan and mutually determine continuation of coverage through a plan offering comparable coverage.

Appears in 1 contract

Samples: Collective Bargaining Agreement (Simmons Co /Ga/)

Contribution Rates. The month for which the contribution is due is referred to as the "benefit month" and the month immediately preceding the benefit month is referred to as the "wage month." The Company shall each and every benefit month make the following monthly contribution to the Fund on each and every eligible employee who elects benefit coverage. EFFECTIVE 11/1/2001Effective November 2001, THE HEALTH INSURANCE PREMIUMS FOR EMPLOYEES WILL BE AS FOLLOWSthe Heath Insurance premiums for employees will be as follows: -38- EMPLOYEE ONLY COVERAGE MEMBER PLUS ONE FAMILY ------------------------------------------------------------------------------ PPO $32.00/month $ PPO $65.00/month $ PPO $90.00/month PPO $85.00/month Plan E $85.00/month $178.00/month Plan E $234.00/month Plan E The cost sharing ratios for any increase in premiums up to the 5% cap shall be the same as the those ratios effective November 1, 2001. The Employer and the Union shall have the right to confirm any increase or decrease in contribution rates occurring during the term of this Agreement. The Fund shall provide the Employer and the Union with information, including carrier reports and other source documentation, reasonably necessary to confirm such rate changes. Moreover, if requested the Fund will make a personal presentation on an annual basis of any increases or decreases in contribution rates. Any increase in total insurance premium costs in the second year which exceeds five (5%) percent over the total insurance premium costs in the first year will give the Company the option to cease participation in the USWA Health and Welfare Fund. This same option will apply if the total insurance premium costs in the third year exceed by more than five (5%) percent the total insurance premium costs from the second year year. Any increase up to 5% or decreases in insurance premium contribution costs in the second and similarly if third years will be shared in the fourth year exceeds the third year by more than five (5%) percentsame ratio as determined effective November 1, 2001. If the Company opts out, the Company and the Union reserve the right to review the plan and mutually determine continuation of coverage through a plan offering comparable coverage.

Appears in 1 contract

Samples: Collective Bargaining Agreement (Simmons Co /Ga/)

Contribution Rates. The month for which the contribution is due is referred to as the "benefit month" and the month immediately preceding the benefit month is referred to as the "wage month." The Company shall each and every benefit month make the following monthly contribution to the Fund on each and every eligible employee who elects benefit coverage. EFFECTIVE Effective 11/1/2001, THE HEALTH INSURANCE PREMIUMS FOR EMPLOYEES WILL BE AS FOLLOWSthe Health Insurance premiums for employees will be as follows: -38- EMPLOYEE ONLY COVERAGE MEMBER PLUS ONE FAMILY ------------------------------------------------------------------------------ -------------------------------------------------------------------------------------------- PPO $32.00/month $ 65.00/month $ 90.00/month Plan E $85.00/month $178.00/month $234.00/month The cost sharing ratios for any increase in premiums up to the 5% cap shall be the same those ratios as determined by the ratios effective November 1, 2001. The Employer and the Union shall have the right to confirm any increase or decrease in contribution rates occurring during the term of this Agreement. The Fund shall provide the Employer and the Union with information, including carrier reports and other source documentation, reasonably necessary to confirm such rate changes. Moreover, if requested the Fund will make a personal presentation on an annual basis of any increases or decreases in contribution rates. Any increase in total insurance premium costs in the second year which exceeds five (5%) percent over the total insurance premium costs in the first year will give the Company the option to cease participation in the USWA Health and Welfare Fund. This same option will apply if the total insurance premium costs in the third year exceed by more than five (5%) percent the total insurance premium costs from the second year and similarly if the fourth year exceeds the third year by more than five (5%) percentyear. If the Company opts out, the Company and the Union reserve the right to review the plan and mutually determine continuation of coverage through a plan offering comparable coverage.

Appears in 1 contract

Samples: Collective Bargaining Agreement (Simmons Co /Ga/)