POST RETIREMENT/HEALTH REIMBURSEMENT ACCOUNT. The creation and implementation of a plan will be determined by the Board Trustees of the Local 302 and 612 of the International Union of Operating Engineers-Employers Construction Industry Post Retirement/Health Reimbursement Account, in accordance with the Trust Agreement that creates the Fund. The Employer and the Union agree to be bound by said Trust Agreement and all lawful amendments thereto, and do further agree to accept as their representative those Employer Trustees and Union Trustees who constitute the Board Trustees of said Trust Fund and their lawful successors.
POST RETIREMENT/HEALTH REIMBURSEMENT ACCOUNT. The Post-Retirement Health Reimbursement Account 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 Reimbursement Account 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 Reimbursement Account, 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 Reimbursement Account, per IRS guidelines, must direct one hundred percent (100%) of the monies into the Special Pay Deferral Plan.
