Retiree Insurance Funding Sample Clauses

Retiree Insurance Funding. 1. Beginning July 1, 2007, the District shall contribute into its Retiree Health Benefit Trust (RHBT) amounts that, at minimum, reflect an eight (8) year “ramp up” to District payment of the full Government Accounting Standards Board (GASB) compliant Annual Required Contribution (ARC) beginning July 1, 2013 using an open group valuation method with a closed thirty (30) year amortization schedule for unfunded liability ending June 30, 2034. Except as provided in paragraph 3 below, each pay period the District shall contribute to the RHBT an amount equal to the below-listed percentages of straight time bargaining unit base pay paid to bargaining unit members in that pay period into the RHBT. (For example, if base pay in the pay period in FY ‘07 is one million dollars ($1,000,000), the District will contribute $34,900 into the RHBT for that pay period). July 1, 2007 (FY 08) 3.49% July 1, 2008 (FY 09) 3.64% July 1, 2009 (FY 10) 3.79% July 1, 2010 (FY 11) 3.94% July 1, 2011 (FY 12) 4.10% July 1, 2012 (FY 13) 4.27% 2. In addition, on or before June 30, 2009 the District shall, at minimum, contribute into the RHBT an amount equal to three and twenty-two one-hundredths percent (3.22%) of straight time bargaining unit base pay paid in FY ‘06 and three and thirty-six one-hundredths percent (3.36%) of straight time bargaining unit base pay paid in FY ‘07. These figures represent the “ramp up” percentages for those fiscal years. 3. The District shall perform an actuarial study of the retiree medical insurance plan liabilities and funding needs (including the Annual Required Contribution – “ARC”) after the end of each calendar year but before the beginning of the next fiscal year for which the results provide guidance. For each fiscal year beginning with FY 2007, the actuaries shall adjust the above “ramp up” percentages for the fiscal year for which the study was prepared and for each remaining fiscal year in the “ramp up” period. The last such adjustment will be in the study performed prior to July 1, 2013 for FY 2013. The revised percentages shall be the percentages contributed by the District to the RHBT for those years, except that the District shall pay no less than the percentages specified in subsections 1 and 2 above. 4. Beginning July 1, 2013, the District shall, at minimum, contribute to the RHBT each pay period an amount equal to the full GASB compliant Annual Required Contribution (ARC) percentage of straight time base pay paid to bargaining unit members d...
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Retiree Insurance Funding. 1. Beginning July 1, 2007, the District shall contribute into its Retiree Health Benefit Trust (“RHBT”) amounts that, at minimum, reflect an eight (8) year “ramp up” to District payment of the full Government Accounting Standards Board (“GASB”) compliant Annual Required Contribution (“ARC”) beginning July 1, 2013 using an open group valuation method with a closed 30 year amortization schedule for unfunded liability ending June 30, 2034. 2. The District shall, at minimum, contribute to the RHBT each pay period an amount equal to the full GASB compliant Annual Required Contribution (ARC) percentage of straight time base pay paid to bargaining unit members during that pay period using an open group valuation method with a closed thirty (30) year amortization schedule for unfunded liability ending June 30, 2034. (For example, if the base pay during the pay period is one million dollars [$1,000,000] and the ARC percentage is fourteen percent [14%], the District will contribute one hundred forty thousand dollars [$140,000] to the RHBT for that pay period.) 3. The District shall retain the contributions referred to in subsection B.2 above and implement the base salary reductions provided for in B.2 above, to the extent necessary to compensate the District for paying the difference between the actual ARC and the baseline ARC described below. The District shall retain this amount through June 30, 2034. In any year in which the actual ARC does not exceed the baseline ARC by an amount equal to the amount of the retained MPPP contributions and salary reductions provided for in B.2, the District shall make appropriate adjustments to the base salaries of sworn personnel and appropriate contributions to the MPPP’s of sworn and civilian personnel, but only to the extent that the amount the actual ARC exceeds the baseline ARC is less than the dollar value of the retained MPPP 1.627% of payroll. For sworn personnel, the District shall first adjust base salary up to the amount it was reduced for the period provided in B.2, before reinstatement of any portion of the MPPP contribution retained pursuant to B.2. EXAMPLE: Assume that the actual ARC is fifteen percent (15%) in the particular year, the baseline ARC is fourteen percent (14%) in the particular year, and that the difference between the two is one million dollars ($1,000,000). Assume further that the value of the retained 1.627% is one million five hundred thousand dollars ($1,500,000). The District would then distribu...
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Retiree Insurance Funding. The District has established a Retiree Benefits Health Trust (RBHT) and shall contribute to the RHBT each pay period an amount equal to the full GASB compliant Annual Required Contribution (ARC) percentage of straight time base pay. 1. The District shall retain .0888% of the one and six hundred twenty-seven one-thousandths percent (1.627%) of the Money Purchase Plan contribution in addition to the $37/month to be used as specified in Paragraph B2, above. 2. The District shall retain the remainder of the 1.627% MPPP contribution, to the extent necessary to compensate the District for paying the difference between the actual ARC and the baseline ARC described below. The District shall retain this amount through June 30, 2034. In any year in which the actual ARC does not exceed the baseline ARC by an amount equal to the amount of the retained 1.627% MPPP contribution, the District shall pay the appropriate portion of the 1.627% into the employees’ MPPP accounts, but only to the extent that the difference between the actual ARC and the baseline ARC is less than the dollar value of the retained MPPP 1.627%. The baseline ARC is as follows: 7/1/16 12.06% 7/1/17 12.12% 7/1/18 12.18% 7/1/19 12.24% 7/1/20 12.30% 7/1/21 12.36% 7/1/22 12.42% 7/1/23 12.48% 7/1/24 12.54% 7/1/25 12.60% 7/1/26 12.66% 7/1/27 12.72% 7/1/28 12.78% 7/1/29 12.84% 7/1/30 12.90% 7/1/31 12.96% 7/1/32 13.02% 7/1/33 13.08% 3. The Trustee of the RHBT shall pay eBART retirees health insurance premiums from the RHBT.
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Retiree Insurance Funding. Beginning July 1, 2024, the District shall adopt a methodology to repay unfunded actuarial liabilities in a manner that maintains retiree health benefit security for retirees while minimizing substantial variations in employer contribution rates from year to year. This methodology will allow the District to gradually fully fund the Retiree Health Benefit Trust (“RHBT”). The new methodology replaces a previous requirement that the District fund all unfunded retiree health benefit liability by a fixed date. In any given fiscal year, unfunded actuarial liability fluctuates due to a number of factors, such as changes to benefits, actual investment returns deviating from assumed investment returns, and changes to actuarial assumptions. The new methodology will allow the District to continuously amortize changes to unfunded actuarial liabilities over a 20-year period as follows: 1. On a fiscal year basis, the base payment to the RHBT shall be the contribution amount necessary to fully amortize the unfunded actuarial liability over a rolling 20-year period. The specific amount required in each year to fully fund the RHBT over the 20-year period will continue to be determined by an independent actuarial expert based on a study of the retiree medical insurance plan liabilities and funding needs after the end of each fiscal year. 2. The District may defer its contribution, or portion thereof, to the RHBT defined in 1 above, in a fiscal year by meeting the following requirements: a. The funding level of the RHBT is at or above 40%. Unless there is mutual agreement of the parties, the District shall not defer payments to the RHBT if the funding level of the RHBT drops below 40%; and b. Starting in Fiscal Year 2029 (FY29), in addition to paragraph a above, a projected operating budget deficit of $50 million or more dollars, exclusive of capital allocations, within any of the two upcoming fiscal years. 3. Each contribution, or portion thereof, defined in paragraph 1 that is deferred pursuant to paragraph 2, shall be paid by the District over a 30-year amortization period.
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Related to Retiree Insurance Funding

  • Retiree Insurance Retired employees and their dependents shall be entitled to continued coverage under the district sponsored group health insurance program, provided the retired employee makes written application with the clerk of the board of education for such continued coverage within thirty (30) days following the retirement of the employee. Retired employees electing continued coverage shall be required to make the monthly premium payment for such continued coverage in advance of the due date of the premium to the carrier. The premium amount will be determined by the carrier. Such payment shall be made to the Board of Education or directly to the insurance carrier, as may be determined by the board. The coverage under the group health-care benefits will cease at such time as (1) the retired employee attains eligibility for Medicare, (2) the retired employee fails to make the required premium payments on a timely basis, or (3) the retired employee becomes covered or is eligible to be covered under a group plan of another employer. For purposes of this provision, retired means those employees who have terminated employment and are receiving a retirement or disability benefit from K.P.E.R.S.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Group Insurance Plan The carriers, coverage, and terms and conditions of participation under the District’s Group Insurance Plan are subject to change in accordance with the applicable provisions of Title I, Division 4, Chapter 10 of the California Government Code (Section 3500 et seq.) (▇▇▇▇▇▇‐Milias‐▇▇▇▇▇ Act). a. The District contracts with CalPERS for health plan coverage for all regular and newly hired employees (eligibility to be defined by the “CalPERS health plan”). Booklets on the insurance plans will be available to all participants. b. Employees may choose from the available plans offered by CalPERS. Additional premiums will be borne by the employee through payroll deductions and paid to CalPERS by the District each month; and the additional cost for monthly premiums will be deducted evenly from the first and second payroll period of each month. To the extent allowed by law, the District will attempt to deduct the employee’s premium contribution from pre‐tax dollars.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.