Establishment of VEBA with Health Reimbursement Arrangement for Active Employees Sample Clauses

Establishment of VEBA with Health Reimbursement Arrangement for Active Employees. The School District shall make available a coordinated VEBA Plan and Trust to all qualified bargaining unit members who exercise their option to enroll in the high deductible health insurance program offered. This coordinated VEBA Plan and Trust is described in summary and available upon request. The School District and Teachers assent to and ratify the appointment of the trustee and plan administrator for the VEBA Plan and Trust. It is intended that this arrangement constitute a voluntary employee’s beneficiary association under Section 501 ( c) (9) of the Internal Revenue Code. As has been provided in adoption agreement for the VEBA Plan document, eligible health expenses shall be paid from the flexible spending account first, until an individual’s FSA is exhausted and the VEBA Plan second.
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Establishment of VEBA with Health Reimbursement Arrangement for Active Employees. The School District shall make available a coordinated VEBA Plan and Trust to all qualified bargaining unit members who exercise their option to enroll in the high deductible health insurance program offered. This coordinated VEBA Plan and Trust is described in summary and available upon request. The School District and Teachers assent to and ratify the appointment of the trustee and plan administrator for the VEBA Plan and Trust. It is intended that this arrangement constitute a voluntary employee’s beneficiary association under Section 501 ( c) (9) of the Internal Revenue Code. As has been provided in adoption agreement for the VEBA Plan document, eligible health expenses shall be paid from the flexible spending account first, until an individual’s FSA is exhausted and the VEBA Plan second. Subd. 1 High Deductible Health Plan (HDHP). The District will offer a High Deductible Health Plan (HDHP) that can function with a VEBA or a Health Savings Account. Employees indicating they intend to switch to a Health Savings Account will be contacted to confirm their transition from/to and HSA. Subd. 2 Coordination with VEBA. If a teacher or retiree participates in a VEBA and if he or she wishes to enroll in the HDHP and make or receive contributions to an HSA, then prior to the beginning of the health plan year the individual shall elect coverage options under the VEBA plan that limit payment or reimbursement from the VEBA as defined in IRS code. Benefits provided through VEBA/HSA. The School District shall provide the following welfare benefit arrangement through the VEBA/HSA. Subd. 1. Contributions to the Active Employee’s Plan: Employer will make an annual contribution to individual accounts under the health reimbursement arrangement for qualifying bargaining unit members and eligible retires in accordance with the following schedule: Payment of Administrative Fee. Administrative fees allocable to individual accounts of active employees who are active participants in the VEBA/HSA Plan shall be paid from the account. Administrative fees allocable to individual accounts of active employees, who have accrued a balance in the VEBA/HSA Plan but change coverage, so that they are no longer entitled to the school district’s contributions, shall be paid from the account. Administrative feels allocable to the individual accounts of former employees shall be paid from the former employee’s account. Administrative fees allocable to the individual accounts of retirees shall ...
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Establishment of VEBA with Health Reimbursement Arrangement for Active Employees. Subd. 1. Establishment of VEBA: Effective July 1, 2007, the District shall provide the Minnesota Service Cooperatives’ VEBA Plan and the Employee Benefits Trust Agreement for the benefit of qualifying teachers. The District and its teachers ratify the appointment of the trustee and plan administrator in place on the adoption of this agreement. This arrangement is intended to constitute a voluntary employee’s beneficiary association under Section 501c (9) of the Internal Revenue Code.
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Establishment of VEBA with Health Reimbursement Arrangement for Active Employees. (NOTE: MSEA wants to keep this benefit the same as the teachers as has occurred in the past).
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Establishment of VEBA with Health Reimbursement Arrangement for Active Employees. Effective July 1, 2004, District shall make available a VEBA Plan and Trust described in summary and attached hereto as VEBA Attachment #1 to all qualified bargaining unit members and eligible retirees who exercise their option to enroll in the high deductible health insurance program offered in Section 4, Subd. 2 of this Article. District and employees and eligible retirees assent to and ratify the appointment of the trustee and plan administrator for the VEBA Plan and Trust identified in VEBA Attachment #1. It is intended that this arrangement constitute a voluntary employees' beneficiary association under Section 501(c)(9) of the Internal Revenue Code. The District maintains a cafeteria plan with a health flexible spending account ("FSA"). The District will specify in the Adoption Agreement for the VEBA Plan document, before the first day of the FSA plan year, that eligible health expenses will be paid from the FSA first, until an individual's FSA account is exhausted, and from the VEBA Plan second. If the ordering rule described above is not available because the FSA plan year has already begun at the time the election is made, eligible health expenses will be paid from the VEBA Plan first, until an individual's VEBA Plan account is exhausted, and from the FSA plan second. The VEBA Plan year will begin and end op. the same dates as the high deductible health insurance program offered in Section 4, Subd. 2 of this Article.
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Establishment of VEBA with Health Reimbursement Arrangement for Active Employees 
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Related to Establishment of VEBA with Health Reimbursement Arrangement for Active Employees

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Agreement with Respect to Continuation of Group Health Plan Coverage for Former Employees of the Failed Bank (a) The Assuming Institution agrees to assist the Receiver, as provided in this Section 4.12, in offering individuals who were employees or former employees of the Failed Bank, or any of its Subsidiaries, and who, immediately prior to Bank Closing, were receiving, or were eligible to receive, health insurance coverage or health insurance continuation coverage from the Failed Bank ("Eligible Individuals"), the opportunity to obtain health insurance coverage in the Corporation's FIA Continuation Coverage Plan which provides for health insurance continuation coverage to such Eligible Individuals who are qualified beneficiaries of the Failed Bank as defined in Section 607 of the Employee Retirement Income Security Act of 1974, as amended (respectively, "qualified beneficiaries" and "ERISA"). The Assuming Institution shall consult with the Receiver and not later than five (5) Business Days after Bank Closing shall provide written notice to the Receiver of the number (if available), identity (if available) and addresses (if available) of the Eligible Individuals who are qualified beneficiaries of the Failed Bank and for whom a "qualifying event" (as defined in Section 603 of ERISA) has occurred and with respect to whom the Failed Bank's obligations under Part 6 of Subtitle B of Title I of ERISA have not been satisfied in full, and such other information as the Receiver may reasonably require. The Receiver shall cooperate with the Assuming Institution in order to permit it to prepare such notice and shall provide to the Assuming Institution such data in its possession as may be reasonably required for purposes of preparing such notice. (b) The Assuming Institution shall take such further action to assist the Receiver in offering the Eligible Individuals who are qualified beneficiaries of the Failed Bank the opportunity to obtain health insurance coverage in the Corporation's FIA Continuation Coverage Plan as the Receiver may direct. All expenses incurred and paid by the Assuming Institution (i) in connection with the obligations of the Assuming Institution under this Section 4.12, and (ii) in providing health insurance continuation coverage to any Eligible Individuals who are hired by the Assuming Institution and such employees' qualified beneficiaries shall be borne by the Assuming Institution. (c) No later than five (5) Business Days after Bank Closing, the Assuming Institution shall provide the Receiver with a list of all Failed Bank employees the Assuming Institution will not hire. Unless otherwise agreed, the Assuming Institution pays all salaries and payroll costs for all Failed Bank Employees until the list is provided to the Receiver. The Assuming Institution shall be responsible for all costs and expenses (i.e. salary, benefits, etc.) associated with all other employees not on that list from and after the date of delivery of the list to the Receiver. The Assuming Institution shall offer to the Failed Bank employees it retains employment benefits comparable to those the Assuming Institution offers its current employees. (d) This Section 4.12 is for the sole and exclusive benefit of the parties to this Agreement, and for the benefit of no other Person (including any former employee of the Failed Bank or any Subsidiary thereof or qualified beneficiary of such former employee). Nothing in this Section 4.12 is intended by the parties, or shall be construed, to give any Person (including any former employee of the Failed Bank or any Subsidiary thereof or qualified beneficiary of such former employee) other than the Corporation, the Receiver and the Assuming Institution any legal or equitable right, remedy or claim under or with respect to the provisions of this Section.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Excluded Employees Employees excluded from the bargaining unit who work for an Employer signatory to this Agreement may participate in any of the foregoing benefits under rules and regulations established by the Trustees. The trustees shall determine the contributions required for such benefits.

  • Authorized Employees Contractor acknowledges that Section285.530, RSMo, prohibits any business entity or employer from knowingly employing, hiring for employment, or continuing to employ an unauthorized alien to perform work within the State of Missouri. Contractor therefore covenants that is not knowingly in violation of subsection 1 or Section 285.530, RSMo, and that it will not knowingly employ, hire for employment, or continue to employ any unauthorized aliens to perform work on the Project, and that its employees are lawfully to work in the United States.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

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