OPT-OUT BONUS. Each year of the Master Agreement, a $1,500 one-time payment in lieu of health insurance coverage shall be paid to those unit members who drop family insurance on or before September 1st of each year, and a $750 one-time payment in lieu of health insurance coverage for those who drop single insurance on or before September 1st of each year beginning with September 1, 2011. The Board shall pay this opt-out bonus on the June 20th pay following the year in which the unit member elects to drop his/her insurance. For part time unit members, the opt-out bonus will be prorated to reflect the proportion of a full time equivalent (FTE) position held by the unit member. For example, a .6 FTE unit member who drops a family insurance plan shall be paid a $900 opt-out bonus (i.e. $1,500 x .6). In order to be eligible to receive the opt-out bonus, the unit member must stay off the Board's health insurance plan from September 1st through the remainder of that contract year. However, if the unit member experiences a qualifying event (including, but not limited to the unit member's spouse losing his/her job) that prevents the unit member from taking insurance elsewhere, then, in such event, the unit member will be eligible to immediately resume his/her health insurance coverage through the Board. The unit member's opt-out bonus will be prorated to reflect the percentage of a full contract year that the unit member was off the Board's health plan. If the employer of the spouse of a unit member has a health insurance open enrollment period that begins on January 1st, then the unit member may opt-out of the Board’s health insurance plan, effective January 1st through the remainder of that contract year. In such event, the above- referenced health insurance opt-out bonus would be prorated to reflect the percentage of a full contract year that the unit member stays off the Board’s health plan.
