Common use of MSRS Health Care Savings Plan Clause in Contracts

MSRS Health Care Savings Plan. ‌ Employees who, for reasons other than layoff or death, are eligible to receive severance pay shall have one hundred percent (100%) of severance pay, as defined in Article 18, Section 1, deposited to an MSRS health care savings account in lieu of payment in cash. Employees who do not meet the requirements for the health care savings account, or whose combined vacation and severance pay totals less than five hundred dollars ($500), shall receive the severance payment in cash. Employees who are eligible to receive payment for accrued and unused vacation upon separation from employment pursuant to Article 11, Section 1 of this Agreement, shall have one hundred percent (100%) of such vacation pay deposited to an MSRS health care savings account in lieu of payment in cash. Employees who do not meet the requirements for the health care savings plan account, or whose combined vacation and severance pay totals less than five hundred dollars ($500), shall receive the vacation pay in cash. Employees who are eligible to receive a vacation payoff, but not severance, are still required to participate in the Health Care Savings Plan.

MSRS Health Care Savings Plan. ‌ Employees who, for reasons other than layoff or death, are eligible to receive severance pay shall have one hundred percent (100%) of severance pay, as defined in Article 18, Section 12, deposited to an MSRS health care savings account in lieu of payment in cash. Employees who do not meet the requirements for the health care savings account, or whose combined vacation and severance pay totals less than five hundred dollars ($500), shall receive the severance payment in cash. Employees who are eligible to receive payment for accrued and unused vacation upon separation from employment pursuant to Article 11, Section 1 of this Agreement, shall have one hundred percent (100%) of such vacation pay deposited to an MSRS health care savings account in lieu of payment in cash. Employees who do not meet the requirements for the health care savings plan account, or whose combined vacation and severance pay totals less than five hundred dollars ($500), shall receive the vacation pay in cash. Employees who are eligible to receive a vacation payoff, but not severance, are still required to participate in the Health Care Savings Plan.