Common use of Retirement Health Savings Account Clause in Contracts

Retirement Health Savings Account. A. Due to mandates to changes in the Police Pension Plan by the State of Florida, which disallowed certain accrued sick leave time from being counted as work time for pension benefit calculation purposes, the new benefit set forth in this article is agreed to by the parties as a replacement for the "lost pension benefits" resulting from that decision. B. This replacement benefit shall be in the form of a single, lump sum deposit into a Retiree Health Savings Account (RHSA) made upon separation from employment from the City. For purposes of this article, "separation from employment from the City" shall include the effective date of any election to commence participation in a DROP program sponsored by the City. C. The dollar value of that lump sum deposit shall equal 50 percent of the present value of the actuarial equivalent of any unused sick time accrued by a police officer as of the date of separation from employment — calculated as if those unused sick hours had been converted to years of service for purposes of determining a monthly retirement benefit within the Police Officers Defined Benefit Retirement System ("the Plan"). D. For purposes of making this actuarial calculation, the conversion rate shall be calculated at a rate equal to one month of credited service for every 21 days of unused sick leave. All other actuarial assumptions shall be those adopted by the trustees of the Plan and as incorporated into the most recent actuarial study for the Plan. E. This actuarial equivalent shall be calculated by the actuarial firm retained by the trustees of the Police Officers Defined Benefit Retirement System and shall be itemized separately from the normal monthly retirement benefit calculation. The City of Lakeland shall not incur any incremental costs as a result of the computation of this RHSA benefit by the actuary.

Retirement Health Savings Account. A. Due to mandates to changes in the Police Fire Pension Plan by the State of Florida, which disallowed certain accrued sick leave time from being counted as work time for pension benefit calculation purposes, the new benefit set forth in this article is agreed to by the parties as a replacement for the "lost pension benefits" resulting from that decision. B. This replacement benefit shall be in the form of a single, lump sum deposit into a Retiree Health Savings Account (RHSA) made upon separation from employment from the City. For purposes of this article, "separation from employment from the City" shall include the effective date of any election to commence participation in a DROP program sponsored by the City. C. The dollar value of that lump sum deposit shall equal 50 percent of the present value of the actuarial equivalent of any unused sick time accrued by a police officer member as of the date of separation from employment — - calculated as if those unused sick hours had been converted to years of service for purposes of determining a monthly retirement benefit within the Police Officers Firefighters Defined Benefit Retirement System ("the Plan"). D. For purposes of making this actuarial calculation, the conversion rate shall be calculated at a rate equal to one month of credited service for every 21 days ten (10) 24-hour shifts of unused sick leave. All other actuarial assumptions shall be those adopted by the trustees of the Plan and as incorporated into the most recent actuarial study for the Plan. E. This actuarial equivalent shall be calculated by the actuarial firm form retained by the trustees of the Police Officers Firefighters Defined Benefit Retirement System System, and shall be itemized separately from the normal monthly retirement benefit calculation. The City of Lakeland shall not incur any incremental costs as a result of the computation of this RHSA benefit by the actuary.

Retirement Health Savings Account. A. Due to mandates to changes in the Police Pension Plan by the State of Florida, which disallowed certain accrued sick leave time from being counted as work time for pension benefit calculation purposes, the new benefit set forth in this article is agreed to by the parties as a replacement for the "lost pension benefits" resulting from that decision. B. This replacement benefit shall be in the form of a single, lump sum deposit into a Retiree Health Savings Account (RHSA) made upon separation from employment from the City. For purposes of this article, "separation from employment from the City" shall include the effective date of any election to commence participation in a DROP program sponsored by the City. C. The dollar value of that lump sum deposit shall equal 50 percent of the present value of the actuarial equivalent of any unused sick time accrued by a police officer as of the date of separation from employment — calculated as if those unused sick hours had been converted to years of service for purposes of determining a monthly retirement benefit within the Police Officers Defined Benefit Retirement System ("the Plan"). D. For purposes of making this actuarial calculation, the conversion rate shall be calculated at a rate equal to one month of credited service for every 21 days of unused sick leave. All other actuarial assumptions shall be those adopted by the trustees of the Plan and as incorporated into the most recent actuarial study for the Plan. E. This actuarial equivalent shall be calculated by the actuarial firm retained by the trustees of the Police Officers Defined Benefit Retirement System System, and shall be itemized separately from the normal monthly retirement benefit calculation. The City of Lakeland shall not incur any incremental costs as a result of the computation of this RHSA benefit by the actuary.

Retirement Health Savings Account. A. Due to mandates to changes in the Police Fire Pension Plan by the State of Florida, which disallowed certain accrued sick leave time from being counted as work time for pension benefit calculation purposes, the new benefit set forth in this article is agreed to by the parties as a replacement for the "lost pension benefits" resulting from that decision.benefit B. This replacement benefit shall be in the form of a single, lump sum deposit into a Retiree Health Savings Account (RHSA) made upon separation from employment from the City. For purposes of this article, "separation from employment from the City" shall include the effective date of any election to commence participation in a DROP program sponsored by the City. C. The dollar value of that lump sum deposit shall equal 50 percent of the present value of the actuarial equivalent of any unused sick time accrued by a police officer member as of the date of separation from employment — - calculated as if those unused sick hours had been converted to years of service for purposes of determining a monthly retirement benefit within the Police Officers Firefighters Defined Benefit Retirement System ("the Plan"). D. For purposes of making this actuarial calculation, the conversion rate shall be calculated at a rate equal to one month of credited service for every 21 days ten (10) 24-hour shifts of unused sick leave. All other actuarial assumptions shall be those adopted by the trustees of the Plan and as incorporated into the most recent actuarial study for the Plan. E. This actuarial equivalent shall be calculated by the actuarial firm form retained by the trustees of the Police Officers Firefighters Defined Benefit Retirement System System, and shall be itemized separately from the normal monthly retirement benefit calculation. The City of Lakeland shall not incur any incremental costs as a result of the computation of this RHSA benefit by the actuary.