Leave Payout. Each eligible employee who “opts-in” to the Plan will be required upon service or disability retirement from the City to contribute one-hundred percent (100%) of eligible sick leave, vacation and compensatory leave payouts. Each eligible employee who “opts-in” to the Plan will not be required to contribute any leave balance payouts to VEBA upon separation (excluding retirement) from employment with the City. Employees who have “opted-out” of the Plan will not be eligible to contribute leave payouts to the Plan upon retirement or separation. Those who have an existing VEBA account will continue to be eligible to submit for reimbursement for eligible medical expenses, however, they will not be able to make any further contributions to their accounts.
Appears in 5 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
