Common use of Deficits Clause in Contracts

Deficits. Any annual plan deficit shall be captured in the premiums charged to school boards and retirees in the subsequent benefit year. Any terminal deficit is the responsibility of all school boards that had retirees in the plan, based on a formula that includes the school board’s time in the plan and retiree enrolment. Each school board shall be required to address the terminal deficit within 120 days following the date they are informed of their terminal deficit. This shall be calculated once the final retiree leaves the plan allowing for the claims run off period.

Deficits. Any annual plan deficit shall be captured in the premiums charged to school boards School Boards and retirees in the subsequent benefit year. Any terminal deficit is the responsibility of all school boards that School Boards who had retirees members in the plan, based on a formula that includes the school boardSchool Board’s time in the plan and retiree enrolment. Each school board shall School Board will be required to address the terminal deficit within 120 days following the date they are informed of their terminal deficit. This shall will be calculated once the final retiree leaves the plan allowing for the claims run off period.

Deficits. Any annual plan deficit shall be captured in the premiums charged to school boards and retirees in the subsequent benefit year. Any terminal deficit is the responsibility of all school boards that had retirees in the plan, based on a formula that includes the school board’s time in the plan and retiree enrolment. Each school board shall be required to address the terminal deficit within 120 days following the date they are informed of their terminal deficit. This shall will be calculated once the final retiree leaves the plan allowing for the claims run off period.