Health Benefit Vesting Sample Clauses

Health Benefit Vesting. A. For State employees hired on or after January 1, 1989, the portion of the employer contribution toward post retirement health benefits will be based on credited years of service at retirement per the following chart entitled "Health Benefits Vesting". The minimum number of years of State service at retirement to establish eligibility for any portion of the employee contribution will be 10 years. This section will apply only to State employees who were under a service retirement:
Sample 1Sample 2
AutoNDA by SimpleDocs
Health Benefit Vesting. A. The following vesting schedule shall apply to state employees in Unit 10 first employed by the State prior to January 1, 2016. Credited Years of Service (For Employees in state service prior to January 1, 2016) Percent of Employer Contribution B. The following vesting schedule shall apply to state employees in Unit 10 first employed by the State on or after January 1, 2016.
Sample 1
Health Benefit Vesting. A. The following vesting schedule shall apply to state employees in Unit 12 first employed by the State on or after January 1, 2011. B. The portion of the employer contribution toward post-retirement health benefits will be based on credited years of service at retirement per the following chart entitled "Health Benefits Vesting". The minimum number of years of State service at retirement to establish eligibility for any portion of the employee contribution will be 15 years. This section will apply only to State employees who were under a service retirement: C. State employees as defined in A above, who become BU 12 employees after January 1, 2011 shall not receive any portion of the employer's contribution payable for annuitants unless those employees are credited with 15 years of State service as defined by law. D. The percentage of employer contribution payable for post-retirement health benefits for an employee subject to this section is based on the member's completed years of credited State service at retirement as shown in the following table: E. This section shall apply only to State employees who retire for service.
Sample 1
Health Benefit Vesting. A. For State employees hired on or after January 1, 1989, the portion of the employer contribution toward post retirement health benefits will be based on credited years of service at retirement per the following chart entitled "Health Benefits Vesting". The minimum number of years of State service at retirement to establish eligibility for any portion of the employee contribution will be ten (10) years. This section will apply only to State employees who were under a service retirement: section 22874 Notwithstanding sections 22870, 22871, 22873 the following State employees who become State members after January 1, 1989 shall not receive any portion of the employer's contribution payable for annuitants (pursuant to section 22871) unless those employees are credited with ten (10) years of State service as defined by the section, at time of retirement: (1) members who are excluded from the definition of State employee in subdivision (c) of section 3513; (2) members employed by the executive branch of government who are not members of the civil
Sample 1
Health Benefit Vesting. A. For State employees hired on or after January 1, 1989, the portion of the employer contribution toward post retirement health benefits will be based on credited years of service at retirement per the following chart entitled "Health Benefits Vesting". The minimum number of years of State service at retirement to establish eligibility for any portion of the employee contribution will be ten (10) years. This section will apply only to State employees who were under a service retirement: Section 22874, notwithstanding sections 22870, 22871, 22873 the following State employees who become State members after January 1, 1989 shall not receive any portion of the employer's contribution payable for annuitants (pursuant to section 22871) unless those employees are credited with ten (10) years of State service as defined by the section, at time of retirement: (1) members who are excluded from the definition of State employee in subdivision (c) of section 3513; (2) members employed by the executive branch of government who are not members of the civil service; and (3) members in State bargaining units for which a memorandum of understanding has been agreed to by the State employer and the recognized employee organization to become subject to this section. The percentage of employer contribution payable for post retirement health benefits for an employee subject to this section is based on the member's completed years of credited State service at retirement as shown in the following table: 10 CREDITED YEARS OF SERVICE 50 PERCENT OF EMPLOYER CONTRIBUTION 11 CREDITED YEARS OF SERVICE 55 PERCENT OF EMPLOYER CONTRIBUTION 12 CREDITED YEARS OF SERVICE 60 PERCENT OF EMPLOYER CONTRIBUTION 13 CREDITED YEARS OF SERVICE 65 PERCENT OF EMPLOYER CONTRIBUTION 14 CREDITED YEARS OF SERVICE 70 PERCENT OF EMPLOYER CONTRIBUTION 15 CREDITED YEARS OF SERVICE 75 PERCENT OF EMPLOYER CONTRIBUTION 16 CREDITED YEARS OF SERVICE 80 PERCENT OF EMPLOYER CONTRIBUTION 17 CREDITED YEARS OF SERVICE 85 PERCENT OF EMPLOYER CONTRIBUTION 18 CREDITED YEARS OF SERVICE 90 PERCENT OF EMPLOYER CONTRIBUTION 19 CREDITED YEARS OF SERVICE 95 PERCENT OF EMPLOYER CONTRIBUTION 20 or more CREDITED YEARS OF SERVICE 100 PERCENT OF EMPLOYER CONTRIBUTION This section shall apply only to State employees who retire for service. Benefits provided an employee by this section shall be applicable to all future State service. For the purposes of this section, State service shall mean service rendered as an employee or officer ...
Sample 1
Health Benefit Vesting. A. For State employees hired on or after January 1, 1989, the portion of the employer contribution toward post retirement health benefits will be based on credited years of service at retirement per the following chart entitled "Health Benefits Vesting". The minimum number of years of State service at retirement to establish eligibility for any portion of the employee contribution will be ten (10) years. This section will apply only to State employees who were under a service retirement: Section 22874, notwithstanding sections 22870, 22871, 22873 the following State employees who become State members after January 1, 1989 shall not receive any portion of the employer's contribution payable for annuitants (pursuant to section 22871) unless those employees are credited with ten (10) years of State service as defined by the section, at time of retirement: (1) members who are excluded from the definition of State employee in subdivision (c) of section 3513; (2) members employed by the executive branch of government who are not members of the civil service; and (3) members in State bargaining units for which a memorandum of understanding has been agreed to by the State employer and the recognized employee organization to become subject to this section. The percentage of employer contribution payable for post retirement health benefits for an employee subject to this section is based on the member's completed years of credited State service at retirement as shown in the following table: 10 50 11 55 12 60 13 65 14 70 15 75 16 80 17 85 18 90 19 95 20 or more 100 B. This section shall apply only to State employees who retire for service.
Sample 1

Related to Health Benefit Vesting

  • Health Benefits For the eighteen (18) month period following the Termination Date, provided that Executive is eligible for, and timely elects COBRA continuation coverage, the Company will pay on Executive’s behalf, the monthly cost of COBRA continuation coverage under the Company’s group health plan for Executive and, where applicable, her spouse and dependents, at the level in effect as of the Termination Date, adjusted for any increase in such level paid by the Company for active employees, less the employee portion of the applicable premiums that Executive would have paid had she remained employed during the such eighteen (18) month period (the COBRA continuation coverage period shall run concurrently with the eighteen (18) month period that COBRA premium payments are made on Executive’s behalf under this subsection 1(a)(ii)). The reimbursements described herein shall be paid in monthly installments, commencing on the sixtieth (60th) day following the Termination Date, provided that the first such installment payment shall include any unpaid reimbursements that would have been made during the first sixty (60) days following the Termination Date. Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premiums in accordance with this subsection 1(a)(ii) shall cease immediately upon the earlier of: (A) the end of the eighteen (18) month period following the Termination Date, or (B) the date that Executive is eligible for comparable coverage with a subsequent employer. Executive agrees to notify the Company in writing immediately if subsequent employment is accepted prior to the end of the eighteen (18) month period following the Termination Date and Executive agrees to repay to the Company any COBRA premium amount paid on Executive’s behalf during such period for any period of employment during which group health coverage is available through a subsequent employer. Notwithstanding the foregoing, the Company reserves the right to restructure the foregoing COBRA premium payment arrangement in any manner necessary or appropriate to avoid fines, penalties or negative tax consequences to the Company or Executive (including, without limitation, to avoid any penalty imposed for violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or the guidance issued thereunder), as determined by the Company in its sole and absolute discretion.

  • Retiree Health Benefits 1. There is currently in effect a retiree health benefit program for retired members of LACERS under LAAC Division 4, Chapter 11. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. 2. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser 2-party non-Medicare Part A and Part B premium, is vested for all members who made the additional contributions authorized by LAAC Section 4.1003(c). 3. Additionally, with regard to Tier 1 members who made the additional contribution authorized by LAAC Section 4.1003(c), the maximum amount of the annual increase authorized in LAAC Section 4.1111(b) is a vested benefit that shall be granted by the LACERS Board. 4. With regard to LACERS Tier 3, the Implementing Ordinance shall provide that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits, and shall amend LAAC Division 4, Chapter 11 to provide the same vested benefits to all Tier 3 members as currently are provided to Tier 1 members who make the same four percent (4%) contribution to LACERS under the retiree health benefit program. 5. The entitlement to retiree health benefits under this provision shall be subject to the rules under LAAC Division 4, Chapter 11 in effect as of the effective date of this provision, and the rules that shall be placed into LAAC Division 4, Chapters 10 and 11, with regard to Tier 3, by the Implementing Ordinance. 6. As further provided herein, the amount of employee contributions is subject to bargaining in future MOU negotiations. 7. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. 8. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • 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.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!