Common use of family policy Clause in Contracts

family policy. 3. If the Board receives a holiday pay from the plan provider, the unit member will receive the holiday pay. Unit members will be reimbursed their share in the subsequent pay period. Per ORC 9.833, the Board shall have an actuary review its reserves. If the actuarial review identifies that levels of reserves in the self-insurance fund exceeds the threshold deemed necessary by the actuarial report, any excess funds attributed to unit members of PEA who subscribe to the insurance shall be applied as a premium holiday. In the event of a premium holiday, a premium credit will be made by March 31st of the plan year. Such holiday shall be split between PEA and the Board commensurate with insurance splits (i.e. 20%/80%).