Common use of INSURANCE AND ANNUITY PLAN Clause in Contracts

INSURANCE AND ANNUITY PLAN. 1. The Committee will pay the maximum percentage permitted by town meeting enactment of the cost of the following types of insurance coverage: a. A five thousand dollars ($5,000) term life insurance plan of the type presently available to teachers. b. Payroll deductions shall be available to bargaining unit members for the Accidental Death and Dismemberment insurance available through the Massachusetts Teachers Association. 2. The Stoneham Teachers Association has ratified their health insurance agreement through the Public Employee Committee with the Town of Stoneham to enroll in health insurance through the Massachusetts Group Insurance Commission from July 1, 2015 to June 30, 2018. 3. Teachers will be eligible to participate in a "Tax Sheltered" Annuity Plan established pursuant to United States Public Law No. 87-370 and the "cafeteria plan" established pursuant to Chapter 125 of the Internal Revenue Code.

INSURANCE AND ANNUITY PLAN. 1. The Committee will pay the maximum percentage permitted by town meeting enactment of the cost of the following types of insurance coverage: a. A five thousand dollars ($5,000) term life insurance plan of the type presently available to teachers. b. Payroll deductions shall be available to bargaining unit members for the Accidental Death and Dismemberment insurance available through the Massachusetts Teachers Association. 2. The Stoneham Teachers Association has ratified their health insurance agreement through the Public Employee Committee with the Town of Stoneham to enroll in health insurance through the Massachusetts Group Insurance Commission from July 1, 2015 2018 to June 30, 20182021. 3. Teachers will be eligible to participate in a "Tax Sheltered" Annuity Plan established pursuant to United States Public Law No. 87-370 and the "cafeteria plan" established pursuant to Chapter 125 of the Internal Revenue Code.