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

– HEALTH CARE SAVINGS PROGRAM (HCSP. Employees hired on or after July 1, 2011, and their spouse of record, will be eligible to be included in the City’s group health insurance plan following retirement, at the retiree’s expense. The employee must meet the age and years of service requirements (F50/25) to be eligible to purchase the City retirement healthcare benefit. Employees hired on or after July 1, 2011, are required to contribute 2% of their base wage per pay into the MERS Health Care Savings Program, which will be matched by a City contribution of 2%. The employer’s contribution in this program will have a three (3) year vesting requirement. Both the employer and employee contributions will be contributed and invested tax-free. 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. Employees hired on or after July 1, 2011, and their spouse of record, will be eligible to be included in the City’s group health insurance plan following retirement, at the retiree’s expense. The employee must meet the age and years of service requirements (F50/25) to be eligible to purchase the City retirement healthcare health care benefit. Employees hired on or after July 1, 2011, are required to contribute 2% of their base wage per pay into the MERS Health Care Savings Program, which will be matched by a City contribution of 2%. The employer’s contribution in this program will have a three (3) year vesting requirement. Both the employer and employee contributions will be contributed and invested tax-free. Upon leaving employment, the account is available to the employee, spouse and eligible dependents for tax-free reimbursement of medical expenses.