Employee Benefit Trust (EBT). Effective July 1, 2002, the Association did join a trust fund for the purpose of funding health insurance coverage for retirees. The above-referenced EBT is established for the purpose of subsidizing the retiree’s cost of health insurance coverage for those who retire after July 1, 2001. The EBT has been established in accordance with federal and State laws applicable to employee benefit trust funds (26 USC 501(c)(9)). The monies contributed to the EBT shall be used only for retiree health insurance premiums or health service expenses. The employee’s contribution shall be made by automatically deducting the specified amount from the paycheck of eligible employees prior to any taxes being withheld. The amount of the payroll deduction shall be determined by the Trust. To be vested in the EBT, an employee must meet the minimum contribution requirement established by the Trust. Upon retirement of an employee who has not met the minimum contribution requirement, the Department may, with the employee’s consent, deduct from the employee’s sick leave cash out and contribute to the EBT the amount necessary (as determined according to the rules of the EBT) to meet the minimum contribution requirement of the EBT. All issues regarding the operation of the Health Trust and the EBT are exclusive of this collective bargaining agreement. Final decisions on contributions, benefits, and Trust operations are the sole responsibility of the trustees of the Health Trust and the EBT.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
