Retiree Health Savings Account. (RHSA) a. New hires (1) After six (6) months of service, new hires shall make contributions at the annual rate of $375 ($14.42 gross per bi-weekly payroll) for six (6) months during which time the City shall make contributions at the annual rate of $750, payable in bi-weekly pay period increments (i.e. $28.85 gross per payroll). (2) For the next one (1) year of service, the employee shall make contributions at the annual rate of $750 ($28.85 gross per bi-weekly payroll) during which time the City shall make contributions at the annual rate of $1,500 payable in bi-weekly pay period increments (i.e. $57.69 gross per payroll). (3) For all years thereafter, the employee shall make contributions at the annual rate of $1,000 ($38.46 gross per bi-weekly payroll) during which time the City shall make contributions at the annual rate of $1,750, payable in bi-weekly pay period increments (i.e. $67.30 gross per payroll). Employees hired on or after March 24, 2009, shall vest in the City funded portion of defined contribution retiree health care system upon meeting the vesting requirements for the City’s defined benefit pension system. If employees hired on or after March 24, 2009, separate from City employment prior to vesting in the City pension system, they will only be entitled to receive employee contributions and investment earnings on those employee contributions from their defined contribution retiree health care savings account. The administrator of the retiree health savings plan was selected by the City after consultation with the GREIU.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
