Insurance Buyout Sample Clauses

Insurance Buyout. Employees who elect no health insurance benefits will receive $1,750 per contract year in lieu of health insurance benefits from the Board, provided they show proof of health insurance from another source as required by the Affordable Health Care Act. The $1,750 buyout will be paid in June toward the conclusion of the insurance year. If one (1) or more teachers elect this option, then, to the extent that TRS requires those teachers not electing the option to pay TRS contributions on $1,750, the Board will pay on behalf of those teachers to TRS the required contribution.
Sample 1Sample 2
AutoNDA by SimpleDocs
Insurance Buyout. Any unit member who elects not to take the health insurance coverage will receive a $1,000 incentive for individual coverage and $4,000 incentive for family coverage, payable no later than the last pay date in June of the school year in which the election took place. This election shall be by written notice to the Superintendent or his/her designee during the open enrollment period of each school year. Any member who elects the buyout of the insurance will supply proof of alternate coverage. Re-entry into the health plan shall be permitted under the following conditions: a. The amount paid by the district as incentive on a pro-rated basis shall be paid back prior to re-entry. b. Any re-entry of participation in said plan shall be subject to administrative regulations limited to the open enrollment period of each school year.) Once this option is exercised, unless a trigger event occurs, the individual will be ineligible for insurance for the duration of that school year. c. The parties agree that a trigger event shall be defined as the loss of alternate health insurance coverage. d. On an annual basis, an employee is covered under the health insurance program unless the employee opts out during the open enrollment period.
Sample 1
Insurance Buyout. An eligible teacher may elect to forego medical insurance coverage noted herein and receive a $4,000 lump sum payment in lieu of said coverage, under the conditions noted below: 1. The teacher shall certify and provide verification that he or she has alternative health insurance coverage and that said insurance coverage is not provided through a Vermont Public School District. 2. The teacher must forego insurance coverage for the entire contract year. 3. The lump sum payment noted above shall be remitted to the teacher by August after the contract year for which payment was elected. 4. Part-time teachers shall receive a pro-rata share of this payment based upon the FTE for which they are employed. 5. Teachers who complete their full duties for the year of their contract will be paid their buyout regardless of if they do or do not sign a new contract for the succeeding year.
Sample 1
Insurance Buyout. 1. Full-time, full-year teachers electing not to take insurance coverage, will receive a buy out that will be $2,500. If more than 12 people participate in the buyout, the $2,500 base will be increased by $100 for each participant. For example, if 13 elect to take the buyout, the buyout will become $2,600, 14 participants-buyout becomes $2,700, etc. 2. Teachers electing to not participate in health insurance will still have the option of purchasing health insurance riders such as participating in the vision plan or the dental plan. 3. All teachers declining health insurance coverage from the District must execute a waiver provided by the district. 4. Teachers withdrawing from the insurance program must do so between June 1 and June 30 prior to the effective year of withdrawal. 5. This payment will be made in the last payroll in June and will be subject to social security contributions as well as federal and state taxes. It will be shown on your W-2 as part of wages earned. 6. Re-entry into the program shall be in accordance with the rules of the insurance provider(s).
Sample 1
Insurance Buyout. Effective with the May 2008 open enrollment period, any unit member who elects not to take the health insurance coverage will receive a $4000 incentive, payable in the second payroll of July of the following year. This election shall be by written notice to the Superintendent or his designee during the open enrollment period of each school year. Any member who elects the buyout of the insurance will supply proof of alternate coverage. Re-entry into the health plan shall be permitted under the following conditions. 1. The amount paid by the district as incentive on a pro-rated basis shall be paid back prior to re- entry. 2. Any re-entry of participation in said plan shall be subject to administrative regulations of the Health Program. (Unless a trigger event occurs, re-entry is limited to the open enrollment period of each school year.) Once this option is exercised, unless a trigger event occurs, the individual will be ineligible for insurance for the duration of that school year. 3. The parties agree that a trigger event shall be defined as the loss of alternate health insurance coverage. 4. On an annual basis an employee is covered under the health insurance program unless the employee opts out during the open enrollment period.
Sample 1
Insurance Buyout. On or before April 1st of each school year existing unit members who desire to opt out of health insurance coverage in the following fiscal year shall inform the Business Administrator in writing of their decision on a form provided by the District. The health insurance coverage would then be discontinued effective July 1st. The Business Administrator shall notify the RCSTA Unit President in writing by April 15th each year as to whether the District will be offering the buyout for teachers opting out of health insurance for the following school year. Whether the District shall offer the health insurance buyout referenced herein will be based upon whether the number of buyouts meets the threshold set forth below. Effective July 1, 2015, the health insurance buyout paid to employees shall be $3,000 for participants who opt out of District provided health insurance. In order for unit members to be eligible to receive the health insurance buyout reimbursement listed above, there must be the equivalent of a total of 67 teachers receiving a family plan that opt out of District provided health insurance in the year in which the buyout reimbursement is to be paid. (53 current teachers as of the 14/15 school year who are not receiving District provided health insurance plus an additional 14 teacher buyouts ($209,185.17 in savings). If in any school year, the equivalent of less than 67 teachers opt out of District provided family health insurance coverage, the buyout reimbursement set forth herein shall not be paid to the teachers opting out of health insurance. The health insurance buyout reimbursement shall not be added to the teacher’s base pay. In return for opting out health insurance the unit member shall receive a payment of 50% of the full corresponding buyout amount on or before January 30th by the District. The second payment shall be made on or before June 15th by the District. Employees hired after June 1st must notify to Business Administrator of their decision regarding the health insurance option within thirty (30) calendar days of their appointment. For those employees who decide to opt out of the health insurance coverage payment will be calculated on a monthly pro-rata basis. To be entitled to the payment referenced above, the unit member must produce proof of health insurance coverage from another source at the time of application. Re-entry for those unit members participating in the voluntary buy-out shall be governed by the rules of the health i...
Sample 1
Insurance Buyout. A teacher may elect to forego medical insurance coverage noted herein and receive a $4,000 lump sum payment in lieu of said coverage, under the conditions noted below:
Sample 1
AutoNDA by SimpleDocs
Insurance Buyout. A. Effective July 1, 2015 professionals that are eligible for Health Insurance (except leave of absence replacements that are less than a full school year) who submit satisfactory proof of alternate health insurance coverage, shall have the option of withdrawing from the District’s health insurance plan. Such professional shall execute any District documents required to effect such withdrawal. B. Requests to opt out of the district’s health insurance plans must be processed by July 1 or January 1. For the 2015-2016 school year and beyond, all subsequent requests must be processed by the end of the school year’s open enrollment. The district shall receive notification 30 days in advance of these dates. Professionals with the intent to opt-out of the district’s health insurance program must indicate so using the appropriate District form. C. For professionals covered by this contract and who are eligible for the health insurance opt out according to this provision, the District shall pay to such professional, $2,500 per year if covered by insurance other than that provided by the district and $500 per year if insurance is carried by another district employee. Determination for the health insurance buyout will be made by the district no later than July 1. Payment will be made on June 30th. Payment will be prorated for the year should an employee resign from their position or if such election to opt out of the district’s health insurance program became effective after July 1st of a given school year. D. In the event a professional who has elected withdrawal leaves District employment or reenters the plan following a qualifying event before June 30th of any school year, the District will pay a pro-rata portion of the amount specified in section c on June 30th. A qualifying event will be defined in the same way as it is for COBRA eligibility. E. A professional hired after the start of a school year and choosing to opt out of the District’s health insurance plans will receive a pro-rata portion of the amount specified in section c on June 30th. F. During any open enrollment a member who previously elected to participate in the health insurance buyout may opt in to the district’s insurance. G. At the end of this Agreement, this provision shall revert back to the language contained in the 2015-2018 Agreement between the parties unless negotiated otherwise.
Sample 1

Related to Insurance Buyout

  • Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

  • Insurance Business All insurance policies issued by any Regulated Insurance Company are, to the extent required under applicable law, on forms approved by the insurance regulatory authorities of the jurisdictions where issued or have been filed with and not objected to by such authorities within the period for objection, except for those forms with respect to which a failure to obtain such approval or make such a filing without it being objected to, either individually or in the aggregate, has not had, and could not reasonably be expected to have, a Material Adverse Effect.

  • Insurance Program An eligible employee may waive rights to participate in either single or family coverage. If an employee waives this benefit, such employee may not revoke the waiver until the next open enrollment period and may be accepted only after medical review by the insurance provider.

  • Fire Insurance The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.

  • Long Term Care Insurance The University offers full-time faculty the opportunity to purchase Long-Term Care Insurance through a voluntary Long-Term Care Insurance policy. Faculty members are responsible for 100% of the premium, which may be remitted through payroll deduction.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Insurance Reimbursement If you have a health insurance policy, it will usually provide some coverage for mental health treatment. I will facilitate your receipt of the benefits to which you are entitled including filling out forms and speaking with insurance representatives. You will be held responsible for full payment of our agreed upon fee should your insurance company deny benefits or should your coverage lapse. Therefore, it is very important that you find out exactly what mental health benefits your insurance policy covers. Read your plan carefully and call your service representative if you have questions. Many insurance plans require advance authorization before they will provide reimbursement for mental health services. These plans often are oriented toward a short-term model and provide only a certain amount of sessions per year. Many insurance companies may only authorize a few sessions at a time and I will need to periodically call them to authorize additional sessions. When I call to authorize treatment or continue our sessions, I will provide them with the minimum amount of information needed, usually including a diagnosis, goals for treatment, and a brief summary of your current functioning. It is possible, but very rare, that they would require a copy of my clinical record. This information will become part of insurance company files and is likely to be computerized. All insurance companies claim to keep such information confidential, but once it is in their hands, I have no control over what they do with it. In some cases, they may share the information with a national medical information data bank. By signing this Agreement, you agree that I can provide requested information to your insurance carrier. If you request it, I will provide you with a copy of any report that I am asked to submit. I make it my policy to inform you along the way of where we stand with your insurance company and what kind of information they have requested. Should insurance coverage end for some reason, we can discuss an out-of-pocket session fee. You can always choose to select this option and have the right to pay for my services yourself to avoid the complexities of the insurance industry.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • Insurance Programs 35.1 Fringe Benefits a. The Board agrees to provide the: Individual core plan premium on behalf of each regular full time employee Part-time regular employees may receive pro-rated insurance benefits if eligible by the carrier. b. When an employee and legally recognized spouse are both employed by the district and are eligible for the school district group plan, the district shall, at the employees' option, combine the district's insurance contribution toward the family plan.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

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