Insurance Waiver. Eligible bargaining unit members who elect to forego all insurance coverage provided by the Board (healthcare and prescription drug only) shall be eligible for a one-time annual payment of $2,000. An eligible bargaining unit member’s insurance coverage waiver shall apply to one-full 12-month year. The $2,000 annual payment shall be paid in 50% installments twice during the relevant 12-month period (May and November) after the bargaining unit member completes their employment for which the insurance coverage would have been in effect. Eligible bargaining unit members who complete a partial employment year will receive a prorated payment commensurate with the partial employment year. This provision applies only to those bargaining unit members determined to be eligible for insurance coverage as defined in this Article.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Master Contract
