Post-Retirement Medical Benefit Defined Contribution Plan Sample Clauses

Post-Retirement Medical Benefit Defined Contribution Plan. A trust agreement and plan document for a Post-Retirement Medical Benefit Defined Contribution Plan (“trust” and “plan” respectively) was adopted by the City Council and approved by the IAFF L-1401 in April 2005 which governs and controls the terms and conditions of the administration of the plan. The IAFF L-1401 reserves its right to adopt a successor trust agreement and plan document that would be administered by the IAFF L-1401 and that would replace the one administered by the City provided that said plan shall be in compliance with all applicable Internal Revenue requirements and the City shall be relieved of any responsibility for said successor plan except to make the contributions required pursuant to this Agreement. The City shall contribute four percent (4.0%) of bargaining unit members’ salary and salary related benefits, to the Retiree Medical Benefits Program described in this section. The parties acknowledge that the City’s four percent (4.0%) contribution described in this section was and continues to be funded by IAFF L-1401’s decision to redirect funds from negotiated salary increases to the Post-Retirement Medical Benefit Defined Contribution Plan. The City’s four percent (4.0%) contribution includes the following funds redirected by IAFF 1401: Effective Date Amount of Redirected Funds July 1, 2002 One and one-half percent (1.5%) of salary and salary related benefits. June 29, 2003 One-half percent (0.5%) of salary and salary related benefits. July 1, 2004 One percent (1.0%) of salary and salary related benefits. January 4, 2009 One (1.0%) of salary and salary related benefits. Total City Contribution Four percent (4.0%) of salary and salary related benefits.
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Related to Post-Retirement Medical Benefit Defined Contribution Plan

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