MONTHLY BENEFIT. Your monthly benefit is equal to 66 2/3% of your normal monthly earnings which are defined as your base rate times the regular hours per week and excludes overtime pay. This amount is reduced by an income payable to you as a result of your disability from any of the following sources:
(i) Sick Pay from the City
(ii) Any other group insurance disability benefits arranged through the Employer or any professional association.
(iii) Retirement benefits from the City/Region, or a governmental plan
(iv) Governmental disability benefits
(v) Canada or Quebec Pension Plan benefits (excluding benefits for dependents and automatic adjustment due to Cost of Living Index while receiving benefit).
MONTHLY BENEFIT. The Employee’s monthly benefit is equal to 66 2/3% of his/her normal monthly earnings which is defined as the Employee’s base rate times the regular hours per week and excludes overtime pay. This amount is reduced by an income payable to the Employee as a result of his/her disability from any of the following sources:
(i) Sick Pay or vacation pay from the City\Region
(ii) Any other group insurance disability benefits arranged through the Employer or any professional association.
(iii) Retirement benefits from the City, or a governmental plan
(iv) Governmental disability benefits
(v) Canada or Quebec Pension Plan benefits (excluding benefits for dependents and automatic adjustment due to Cost of Living Index while receiving benefit).
MONTHLY BENEFIT i. For Coverage Year 2020, Employee will receive a maximum benefit up to $1,631.81 per month paid toward the medical, dental, and/or vision premiums, or may be contributed to a HRA at the discretion of the employee, irrespective of single, married, or family status. This amount includes the CalPERS Minimum Employer Contribution (“MEC”).
ii. For Coverage Year 2021, the District agrees to pay up to 6% of the increased cost of healthcare (or up to $ $1,729.72 per month), which may be paid toward the medical, dental, and/or vision premiums, or may be contributed to a HRA at the discretion of the employee, irrespective of single, married, or family status. This amount includes the MEC.
iii. Open Enrollment 2021 / Coverage Year 2022, the District agrees to cover up to 6% of increased cost of healthcare (or up to $1,833.50 per month), which may be paid toward the medical, dental, and/or vision premiums, or may be contributed to a HRA at the discretion of the employee, irrespective of single, married, or family status. This amount includes the MEC.
MONTHLY BENEFIT. Upon receipt of due proof that a Participant, while covered under this Plan, has incurred Total Disability, the Plan Administrator will, subject to the provisions of this Article III, pay the Participant a Monthly Benefit until such Monthly Benefits are terminated under the provisions of Article IV of this Plan. No Monthly Benefit will be paid to the Participant:
(a) during the Elimination Period;
(b) for more than a time period equal to the Elimination Period plus six (6) months, unless the Participant’s condition thereafter satisfies the increased standard for Total Disability, as provided in Sec. 1.21 (b), effective at that point in time.
MONTHLY BENEFIT. The least of Items or below: of pretax monthly earnings, less of direct deductible sources of income; if the monthly benefit is taxable, of pretax monthly earnings, less of direct and indirect deductible sources of income; or if the monthly benefit is nontaxable, of post-tax monthly less of and indirect deductible sources of income; the maximum monthly benefit. Effective February (7)
MONTHLY BENEFIT. If Retirement occurs at or after the OFFICER reaches age 65, the monthly benefit shall be equal to 1/12 of an amount equal to seventy-five percent (75%) of the OFFICER's final base salary (determined as of the OFFICER's termination date) ("Base Salary"). For Retirement before the OFFICER reaches age 65, the monthly benefit shall be subject to the standard actuarial reduction factors set forth in the Indianapolis Life Insurance Company Employees' Pension Plan, provided that the monthly benefit shall never be less than 1/12 of an amount equal to 50% of Base Salary. This monthly benefit is subject to reduction under Section III(B)(3) and (4).
MONTHLY BENEFIT. If your Designated Account value falls below the Required Minimum, before the Maturity Date shown on the Contract Schedule, we send written notice to you and the Selling Firm. You then have a Benefit Grace Period to decide whether or not you want to receive the Monthly Benefit. The Benefit Grace Period is shown on the Contract Schedule. We call the last day of the Benefit Grace Period the Benefit Determination Date. If you take no action by the Benefit Determination Date, the Selling Firm will liquidate your Designated Account assets and send the money to us as the Final Premium. On the Benefit Determination Date, we calculate the Monthly Benefit amount and determine the Monthly Benefit Start Date. The Monthly Benefit does not change after the Benefit Determination Date. If the last surviving Covered Person dies on or after the Benefit Determination Date, we pay the Beneficiary the Final Premium minus the total Monthly Benefits paid to date. If the Withdrawal Start Date has not occurred, the Monthly Benefit on the Benefit Determination Date is equal to the Benefit Base at the end of the prior Business Day multiplied by the Withdrawal Percentage based on the Current Treasury Rate that is in effect, divided by 12. The Monthly Benefit Start Date is the Business Day immediately after the Benefit Determination Date. If the Withdrawal Start Date has occurred, the Monthly Benefit on the Benefit Determination Date is equal to the Benefit Base at the end of the prior Business Day multiplied by the Withdrawal Percentage used to determine the Permitted Withdrawal Limit on the most recent Contract Anniversary, divided by 12. We then determine the Monthly Benefit Start Date as follows. If your total Permitted Withdrawal Limit from the prior Contract Anniversary is less than the total Permitted Withdrawals and/or Excess Withdrawals taken during the current Contract Year, then the Monthly Benefit Start Date is the next Contract Anniversary. Otherwise, we calculate the number of Monthly Benefits you are entitled to for the remainder of this Contract Year as: (A – B) ÷ C, where: A = Permitted Withdrawal Limit from the prior Contract Anniversary. B = Total Permitted Withdrawals and/or Excess Withdrawals taken during the current Contract Year. C = The Monthly Benefit determined on the Benefit Determination Date. Next, we round this up to the next whole number and then decrease it to align with the actual number of months left in the Contract Year. We determine the month we b...
MONTHLY BENEFIT. Sixty-six and two-thirds percent (66 2⁄3%) of basic monthly earnings to a maximum benefit of five thousand dollars ($5,000) per month. Employees who are in receipt of LTD benefits will have Dental and EHC benefits based on those provided to retirees on a 50/50 cost share basis. Employees on LTD as of date of ratification of this agreement will continue with EHC and Dental benefits as provided for by Clause 20.04 and 20.05.
