Post Retirement Health Care Savings Plan. The School District shall provide an opportunity for the employees covered by this agreement to participate in a post retirement health care savings plan as authorized under MS 352.98.
Post Retirement Health Care Savings Plan. Any employee who is eligible to participate in the School District’s health insurance plan as described in Section 8.1, and who retires following fifteen (15) years of employment in the School District and fifty-five (55) years of age or older shall receive an amount obtained by converting one-third (1/3) the cash value of his/her unused sick leave up to one hundred forty (140) days or 1120 hours at the time of retirement. The School District shall deposit the total amount of the cash in the employee’s name in the Post-Retirement Health Care Savings Plan administered by the Minnesota State Retirement System. The employee’s daily rate of pay shall be calculated as defined in Section 3.3.
Post Retirement Health Care Savings Plan. All teachers granted severance pay will have 100% of the eligible amount deposited in a post-retirement health care savings account. Fifty percent of this money will be contributed on July 31st of the year in which the eligible teacher retires with the other 50% being contributed before July 31st of the year following retirement. The District will select a specific provider for the post-retirement health care savings plan. This benefit will be placed in a VEBA or VEBA-like trust. This arrangement constitutes a voluntary employees’ beneficiary association under section 501 c (9) of the Internal Revenue Code. Administrative fees allocable to the individual accounts shall be paid by the retired teachers.
Post Retirement Health Care Savings Plan. Full-time and Part-time employees, agree to a mandatory contribution of two percent (2%) of their monthly income to the Post-Retirement Health Care Savings Plan, administered by the Minnesota State Retirement System, unless an exemption form is approved.
Post Retirement Health Care Savings Plan. (For Principals and Assistant Principals Hired After January 1, 2016):
Subd 1. The school district will contribute to the Post-Retirement Health Care Savings Plan in accordance with the table below for Principals and Assistant Principals hired as a Principal/Assistant Principal after January 1, 2016: During years of service as a principal in District 721: Years 0-3 $0 Contribution Years 4-6 $3,000/year Years 7-10 $4,500/year Years 11+ $6,000/year Subd 2. Contributions will be made annually by June 30 of each year. If a Principal works a portion of the year, the annual contribution will be pro-rated.
Post Retirement Health Care Savings Plan. 23.1 Pay all cash payments from Sick Leave per Article 15, into the Post Retirement Health Care Savings Plan.
23.2 The following percentage of gross wages will be put into the Plan: 0-9 yrs 2% 10 – 19 yrs 3% 20+ years 4%
Post Retirement Health Care Savings Plan. 26.1 Vacation, comp time and Xxxx Leave together with XXXX earned according to the City of Xxxxx Park’s Earned Sick and Safe Leave Policy pay, per Article 15.3, will go into the Post-Retirement Health Care Savings Plan upon PERA retirement from the City of Xxxxx Park.
26.2 The following percentage of gross wages will be deducted from the employee’s pay and deposited into the Plan: 0-9 years 2% 10- 19 years 3% 20+ years 4%
Post Retirement Health Care Savings Plan. In accordance with Minnesota Statute, Chapter 352.98, members of the Clerical Support Contract will participate in the post retirement health care savings plan. Each eligible member of the Clerical Support Contract will invest all available payment for severance and unused vacation, at retirement, into the post retirement health care savings plan.
Post Retirement Health Care Savings Plan. The Employer agrees to provide all employees covered by this Agreement with a State-paid contribution to the Post Retirement Health Care Savings Plan (PRHCSP) administered by the Minnesota State Retirement System. The State-paid contribution shall be in the amount of three hundred dollars ($300) to the PRHCSP account for each employee covered by this Agreement in January of each fiscal year of the Agreement.
Post Retirement Health Care Savings Plan. The Post Retirement Health Care Savings Plan is an employer-sponsored program that allows teachers to pay medical expenses and/or health insurance premiums after termination of public service. The Post Retirement Health Care Savings Plan allows teachers to set aside money earned as an active teacher to cover costs of health or dental insurance, and other medical or dental expenses after termination of public service. Under the Post Retirement Health Care Savings Plan, amounts contributed are tax-free and no taxes are paid on amounts paid since they must be used to pay health and dental insurance premiums or used to cover out-of-pocket medical or dental expenses. Teachers who are exempted from participating in the Post Retirement Health Care Savings Plan, as per IRS guidelines, must direct one hundred percent (100%) of the monies into the Deferral Plan.
