Retiree Fringe Benefits—Unequal Contribution Method Sample Clauses

Retiree Fringe Benefits—Unequal Contribution Method i. Unit members who retire from active service under the STRS/PERS shall be entitled to receive the basic Office retiree medical contribution of $21.60 per month twelfthly ($259.20 annually), or as adjusted by law, toward the purchase of a PERS medical benefit so long as the Office continues to participate in the PERS retirement plan, pursuant to Government Code Section 22892(c). Upon termination of the Office’s participation in the PERS medical insurance plan or its successor, the Office shall have no further obligation for payment of the retiree’s medical contribution, but will offer the retiree the option to continue, at his/her own expense, in the subsequent medical insurance plan. Termination of the Office’s participation in the PERS medical insurance plan or its successor shall not affect the ability of eligible retirees to elect to participate in the retiree Years of Service Benefit Program as set forth below. ii. In addition, the Office shall annually provide a Years of Service Benefit for eligible retirees based upon years of service. The Benefit may be used for additional benefits coverage. The maximum period of coverage for the Years of Service Benefit shall be for five (5) years. Coverage shall terminate at the end of five (5) years or when the retiree attains age sixty-five (65) or when the retiree becomes eligible for Medicare coverage, whichever occurs first. iii. Amount of Years of Service Benefit: • Retirees, ages 55 to 65 with ten (10) years of service with the Office—$2,744.80 • Retirees, ages 55 to 65 with twenty (20) years of service with the Office—$5,740.80 iv. For individuals who retire after the dates specified in the collective bargaining agreements or LACOE Board Regulations, the amount of $3,004.00 for ten years of service or $6,000.00 for 20 years of service, may be paid directly to a certified medical insurer, other than PERS, selected by the retiree. If the medical insurance premium is less than the eligible amount, the Office will pay no more than the total cost of the premium. v. If the amount of the Office contribution that is required by state or federal law is increased, the amount of the Years of Service Benefit to be paid by the Office shall be reduced in a like amount, unless otherwise negotiated by the parties.
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Related to Retiree Fringe Benefits—Unequal Contribution Method

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

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