R etiree Medical Benefits/ Funding OPEB Liability Sample Clauses

R etiree Medical Benefits/ Funding OPEB Liability. Agreement for Fire Services Page 23 of 40 1. M ethodology for Calculation of OPEB Liability. ACFD currently offers retiree medical benefits, also known as Other Post- Employment Benefits (“OPEB”), to retirees, as identified in the relevant MOU between ACFD and any relevant bargaining groups. The City acknowledges that ACFD has incurred an obligation to fund these benefits. The City further acknowledges that ACFD has provided services to the City since 2010 and that the City has a responsibility to pay a portion of ACFD’s long-term OPEB obligation , as specified below, including upon withdrawal from this Agreement. The Parties acknowledge that this OPEB liability is rapidly increasing and therefore the Parties shall continue to discuss and consider options for reducing the Parties’ exposure. The City’s obligation for OPEB shall be calculated in accordance with the methodology and illustrations in Exhibit 6 entitled “June 30, 2019 Actuarial Valuation” and any successors thereto. The Parties further agree that the methodology for calculating the City’s obligation will be consistent with, but not necessarily identical to, the illustration in said Exhibit. The Parties acknowledge that the specific methodology may be altered by changes in assumptions, standards of practice, and other conditions outside the Parties’ control. The City’s OPEB obligation shall be calculated with specificity as described above. Generally, the Parties agree that the City has an obligation for OPEB with respect to forty-four (44) of the employees identified in Exhibit 4 beginning when the City contracted for fire services with ACFD, as well as the City’s allocated portion of the ACFD service costs (including, for example, costs of shared overhead positions like the Fire Chief), and the costs of staff stationed at City’s fire stations which may change in the future but currently includes 29 employees (27 firefighters, 1 deputy fire marshal and 1 code compliance officer)), and which, from July 1, 2010 through November 12, 2020 included 38 employees (36 firefighters, 1 deputy fire marshal and 1 code compliance officer). The Parties agree that the minimum required annual payment from the City to ACFD related to OPEB is the City’s Allocated Percentage of the Pay-As- You-Go amount. The City’s Allocated Percentage is calculated in the Side Fund Calculation in Exhibit 6. The City shall in its own and complete discretion, determine the funding level above the Pay-As-You-Go, if any. Any employee...
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Related to R etiree Medical Benefits/ Funding OPEB Liability

  • Retiree Medical Benefits If Executive is or would become fifty-five (55) or older and Executive's age and service equal sixty-five (65) and Executive has at least five (5) years of service with the Company within two (2) years of Change in Control, Executive is eligible for retiree medical benefits (as such are determined immediately prior to Change in Control). Executive is eligible to commence receiving such retiree medical benefits based on the terms and conditions of the applicable plans in effect immediately prior to the Change in Control.

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Retiree Medical Employee shall be eligible for lifetime medical coverage, upon retirement, subject to the monthly payment limit of the Kaiser Plan premium amount for an employee and spouse. Eligibility for lifetime medical is subject to the Employee completing five (5) years of continuous service at the level of Department Head or above and retiring from the City of Fontana as an annuitant of the Public employees Retirement System (PERS). Employee shall cease to be eligible for lifetime medical coverage paid by the City if the Employee reinstates as an active member of PERS or otherwise fails to meet the PERS definition of an annuitant.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Contribution Formula Dental Coverage a. Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2014, and January 1, 2015, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

  • State Employee Group Insurance Program (SEGIP) During the life of this Agreement, the Employer agrees to offer a Group Insurance Program that includes health, dental, life, and disability coverages equivalent to existing coverages, subject to the provisions of this Article. All insurance eligible employees will be provided with a Summary Plan Description (SPD) called “Your Employee Benefits”. Such SPD shall be provided no less than biennially and prior to the beginning of the insurance year. New insurance eligible employees shall receive a SPD within thirty (30) days of their date of eligibility.

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