Medicare Complementary Premium Fund Sample Clauses

Medicare Complementary Premium Fund. Effective July 1, 2006, the University established and funded a fund from which age 65 or older individual official retirees (i.e., individuals who have satisfied the age and service requirements of paragraph 129), and their Medicare eligible spouses shall receive a monetary benefit to be applied to the retiree’s share of the monthly premium cost for Medicare Complementary Coverage as long as there are monies in the fund. Access to this fund is restricted to those retirees who were actively employed Sergeants as of July 1, 2005. The University’s annual lump sum contributions to the Medicare Complementary Premium Fund will cease with the July 2008 lump sum contribution of $2,000. No future lump sum contributions will be made by the University. The University will continue to pay the average 91-day United States Treasury Bill rate semi-annually on the average balance in the fund. The University may pay additional distribution, at its discretion if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used in one calendar year shall be carried forward to the next calendar year. The benefit amount shall be the retiree’s full share of the monthly premium cost for the least cost HMO. However, under no circumstance shall the benefit amount exceed $200.00 per month for any retiree and his/her Medicare eligible spouse. Benefits will not be paid when the fund drops below an amount required to provide the full monthly benefit amount for each eligible retiree who has made a timely request. Any employee hired or promoted to the rank of Sergeant on or after July 1, 2005 and his/her Medicare eligible spouse will be eligible for Medicare complementary coverage through a University group health plan at the retiree’s cost.
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Medicare Complementary Premium Fund. The Employer has established a Medicare Complementary Premium Fund (hereafter referred to as MCPF) from which age sixty-five (65) or older individual official retirees (i.e., individuals who have satisfied the age and service requirements of paragraph 50.4) who have retired after March 1, 1995, or were hired before December 31, 2006 and their spouses may receive a monetary benefit to be applied to the retiree’s share of the monthly premium cost for MCPF (ref. Paragraph 49.7). The Employer and the Association agree to continue the disbursement of funds through December 31, 2014 at which time this fund will no longer exist.
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Related to Medicare Complementary Premium Fund

  • Health insurance premiums If you are unemployed and have received unemployment compensation for 12 consecutive weeks under a federal or state program, you may take payments from your IRA to pay for health insurance premiums without incurring the 10 percent early distribution penalty tax. 6)

  • DEPENDENT CARE REIMBURSEMENT ACCOUNT During the term of this MOU, Management agrees to maintain a Dependent Care Reimbursement Account (DCRA), qualified under Section 129 of the Internal Revenue Code, for active employees who are members of LACERS, provided that sufficient enrollment is maintained to continue to make the account available. Enrollment in the DCRA is at the discretion of each employee. All contributions into the DCRA and related administrative fees shall be paid by employees who are enrolled in the plan. As a qualified Section 129 Plan, the DCRA shall be administered according to the rules and regulations specified for such plans by the Internal Revenue Service.

  • Health Care Spending Account After six (6) months of permanent employment, full time and part time (20/40 or greater) employees may elect to participate in a Health Care Spending Account (HCSA) Program designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but such savings are not guaranteed. The HCSA Program allows employees to set aside a predetermined amount of money from their pay, not to exceed the maximum amount authorized by federal law, per calendar year, of before tax dollars, for health care expenses not reimbursed by any other health benefit plans. HCSA dollars may be expended on any eligible medical expenses allowed by Internal Revenue Code Section 125. Any unused balance is forfeited and cannot be recovered by the employee.

  • Group Health Benefit Plans, Carrier and Premiums 7.1.1 When enrolment and other requirements for group participation in various plans have been met, the Employer will sponsor such plans to the portion agreed upon and such sponsorship shall not exceed that which is authorized or accepted by the benefit agency.

  • Educational Allowance Special Preparation Bonuses Per Month Per Shift (Full-time) (Part-time)

  • Safety Footwear Allowance Effective 1/1/07, the Contra Costa Community College District will provide an initial two pairs of safety/protective work boots or shoes for employees in the following classifications: Building Maintenance Worker, Equipment Maintenance Worker, Senior Equipment Maintenance Worker, Maintenance Mechanic, Lead Maintenance Mechanic, Maintenance Assistant, Ground Worker / Gardener I, II, Senior or Lead, Shipping and Receiving Clerk, and all other mutually agreed upon classifications required to wear safety; protective shoes per OSHA/ASTM standards.

  • Health and Dental Premium Accounts The Employer agrees to provide eligible employees with the option to pay for the employee portion of health and dental premiums on a pretax basis as permitted by law or regulation.

  • Dental Care Plan The Welfare Plan will include a Dental Care Plan which will reimburse members for expenses incurred in respect of the coverages summarized in Appendix "1". The Plan will not duplicate benefits provided now or which may be provided in the future by any government program.

  • Dental Care Benefits (a) The Employer shall provide such regular, full-time employee (and his eligible dependents*) the 100/75/50 co-pay dental plan in effect as of the date of this Agreement, subject to such conditions, exclusions, limitations, deductibles and other provisions pertaining to coverage as stated in said plan. The Employer shall pay 95% of the illustrated premium cost of such benefits and the employee shall pay the balance.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

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