Common use of Opt-Out Waiver Payment Clause in Contracts

Opt-Out Waiver Payment. The City at its discretion may offer the option for all full-time bargaining unit employees the ability to waive health insurance coverage provided by the City health insurance plan(s) and to receive a one hundred dollar ($100.00) monthly payment. In no event shall an employee be able to waive single coverage. In order to validly waive coverage the employee shall be required to submit and execute all forms/documents required by the City. Ability to re-enroll following a waiver of coverage will be governed by law. The monthly payment shall only be provided to the employee so long as they waived coverage and are not on the City’s insurance, with the annual payment to be prorated based on the applicable number of months actually waived. The payment will be made as lump sum of one thousand two hundred dollars ($1,200.00) the last payroll in December, with the first payment to be made in December 2021 (i.e., for the waiver of coverage related to the year 2021).