RETIREMENT HEALTH SAVINGS. Employees hired on or after July 1, 2011 shall participate in the Retirement Health Savings (RHS) plan to fund for the cost of health care in retirement.
RETIREMENT HEALTH SAVINGS. A. Employees shall participate in a retirement health savings ("RHS") plan administered by ICMA-RC. The plan administration shall be in accordance with ICMA-RC's "Vantage Care Retirement Health Savings Plan". Participation shall begin on the first (1st) pay period of employment.
RETIREMENT HEALTH SAVINGS. All full-time firefighters in the rank of Lieutenant and Firefighter are eligible for the Village’s approved Retirement Health Savings (RHS) Plan in accordance with Section 27.15. The contribution to each eligible employee’s RHS account of unused sick leave hours above twelve hundred (1,200) hours, which are paid at fifty percent (50%) of the employee’s hourly rate, will be made by the Village within sixty (60) days after the beginning of each fiscal year, for eligible sick leave hours accrued the previous fiscal year. If, however, an employee voluntarily leaves the service of the Village prior to the end of a fiscal year, eligible sick leave will be prorated as of the employee’s last day of work and transferred within sixty (60) days to the employee’s RHS account. If, upon the death of the employee, the decedent is not survived by a spouse or any dependents and the decedent’s RHS account balance is transferred to the Village by the approved vendor as required by law, the Village shall distribute the decedent’s RHS account balance in accordance with the decedent’s latest life insurance beneficiary form on file with the Village. If the decedent is not survived by those persons deemed beneficiaries on the latest life insurance beneficiary form on file with the Village, the decedent’s RHS account balance shall be distributed to the decedent’s estate pursuant to the requirements of law. The decedent’s RHS account balance shall be taxable in accordance with the requirements of the law.
RETIREMENT HEALTH SAVINGS. Employees shall be automatically enrolled in a Retirement Health Savings (RHS) plan effective 7/1/2016 and upon hire thereafter. Employees are required to contribute one percent (1%) of gross earnings to their RHS. Contributions to the RHS will be made on a pretax basis as allowable under IRS regulations. Effective July 1, 2019 and through June 30, 2020, the Employer contribution to the Employee’s RHS shall be $76.92 per regular pay period. Effective July 1, 2020, the Employer contribution to the Employee’s RHS shall be $38.46 per regular pay period.
RETIREMENT HEALTH SAVINGS. PLAN (RHSP) The Retirement Health Savings Plan (“RHSP”) is a City funded health benefit savings program that allows employees to accumulate assets to pay for medical premiums and allowable health expenses at retirement (or upon meeting eligibility criteria) on a tax-free basis. The RHSP has the following components: Eligibility: Employee must reach at least 10 years of City Service or more, retire or separate from City service and have reached a minimum of age 50. Under certain circumstances the age requirement may be waived if the employee qualifies as disabled from work under the PERS retirement plan or under Workers' Compensation. The City will contribute $50.00 per month per employee to the RHSP. The City’s contribution and related investment results will then be provided to the employee upon separation, or retirement, as long as the employee reaches 10 years of City service in a sworn police position. If an employee does not reach at least 10 years of City service or more, the City’s contribution and investment results shall return to the City to offset further contribution costs. The City will attempt to find a way in which employees may contribute to a health savings plan. If such a program is found, and complies with all Internal Revenue Service regulations, and any other applicable law, the City will make such a program available to Association as soon as it is feasible. Internal Revenue Service regulations governing RHSPs, as may be amended, are controlling over this Section, and may affect whether and how the City provides this program.
RETIREMENT HEALTH SAVINGS. (RHS) PLAN
RETIREMENT HEALTH SAVINGS. (RHS) PLAN The City sponsors a Retirement Health Savings (RHS) Plan administered by Mission Square Retirement. Employees are required to enroll in the City’s RHS Plan in order to receive a payout of their accrued sick leave at the time of separation from the City. All contributions to the RHS are set aside exclusively for qualifying medical expenses. Contributions for Employees enrolled in the RHS Plan will be made in accordance with the terms of the RHS Plan and the Payment Schedule listed in the Sick Leave Article of this contract.
RETIREMENT HEALTH SAVINGS. (RHS) Plan Employees hired, transferred or promoted on or after October 1, 2010, who are not eligible for City- provided health care at retirement, shall be eligible to participate in a Retirement Health Savings Plan. The City will contribute 6% of an employee’s gross wages on a bi-weekly basis, into a self- directed, qualified plan, that shall be transportable and provide 50% vesting after ten (10) years of employment, with a 5% annual increase until the employee is 100% vested after twenty (20) years of employment. An employee who receives a duty disability retirement as the result of an injury shall be considered to have achieved twenty (20) years of service and will be 100% vested in the Retiree Health Savings Plan at the time of their duty disability retirement. Accordingly, the beneficiary of an employee who is killed while on-duty and performing his/her duties will be 100% vested in the Retiree Health Savings Plan.
RETIREMENT HEALTH SAVINGS. 11.3.1 The District will contribute $500 per month to each employee’s RHS plan.
RETIREMENT HEALTH SAVINGS. A. Employees will participate and contribute to retirement health savings (RHS) plan administered by the City of Fort Xxxxxxx as provided in the Establishing IGA.
