Common use of – HEALTH CARE SAVINGS PROGRAM (HCSP Clause in Contracts

– HEALTH CARE SAVINGS PROGRAM (HCSP. For those employees hired on or after January 1, 2010, the City will offer to contribute an employer match from a flat amount of $2.50 up to a 2% match of the employee’s base wage per pay into the MERS Health Care Savings Program. The employer’s contribution in this program will have a three (3) year vesting requirement. Employees will contribute $2.50 per pay up to 100% of their base wage into the MERS Health Care Savings Program. The employee’s contributions may be increased, but never decrease. Both the employer and employee contributions will be contributed and invested tax-free. Effective July 1, 2014, MERS Health Care Savings Program current and future participating employees will no longer have the option to increase their contributions. The mandatory employee contribution will be 2% of the employee’s base wage per pay beginning with the first pay date in July, 2014. The City will match 2% of the employee’s base wage per pay beginning with the first pay date in July, 2014. Upon leaving employment, the account is available to the employee, spouse and eligible dependents for tax-free reimbursement of medical expenses.

– HEALTH CARE SAVINGS PROGRAM (HCSP. For those employees hired on or after January 1June 23, 20102008, the City will offer to contribute an employer match from a flat amount of $2.50 up to a 2% match of the employee’s base wage per pay into the MERS Health Care Savings Program. The employer’s contribution in this program will have a three (3) year vesting requirement. Employees will contribute $2.50 per pay up to 100% of their base wage into the MERS Health Care Savings Program. The employee’s contributions may be increased, but never decrease. Both the employer and employee contributions will be contributed and invested tax-free. Effective July September 1, 20142012, MERS Health Care Savings Program current and future participating employees will no longer have the option to increase their contributions. The mandatory employee contribution will be 2% of the employee’s base wage per pay beginning with the first pay date in July, 2014. The City will match 2% of the employee’s base wage per pay beginning with the first pay date in JulySeptember, 20142012. Upon leaving employment, the account is available to the employee, spouse and eligible dependents for tax-free reimbursement of medical expenses.