Retirement Health Savings Program. For the term of this Agreement, the County will establish a health care savings program ("HCSP" or "Program") through MERS to provide for the funding of health benefits for retirees and beneficiaries. There will be two employee groups eligible for this program, each of which will have differing contribution benefits and requirements. Specifically,
Retirement Health Savings Program. For regular full-time employees, the City will contribute 0.5% of base pay to the Retirement Health Savings (RHS)
Retirement Health Savings Program. Employees are required to participate in the City’s retirement health savings plan. The employer contributions are as follows: (1) Sick leave contribution of 32% of the earned but unutilized sick leave in the
Retirement Health Savings Program. The City shall establish a retirement health saving plan which will allow employees to save money in a defined contribution plan which is intended to assist employees in paying for medical expenses. The City contribution to this plan shall be 1% of employee salary. This plan and contribution shall commence by the end of August 2022.
Retirement Health Savings Program. The Employer shall offer the ICMA Retirement Health Savings Plan (RHSP). The plan shall be funded by the employee according to the Adoption Agreement. The RHSP contribution levels will be reviewed annually. Separation Leave Contributions – Each employee shall contribute 50% of their PTO balance when separating from employment with the Employer.
Retirement Health Savings Program. The Employer shall offer the ICMA Retirement Health Savings Plan (RHSP). The plan shall be funded by the employee according to the Adoption Agreement. The RHSP contribution levels will be reviewed annually. Separation Leave Contributions – Each employee shall contribute 100% of their PTO balance when separating from employment with the Employer. If the employee has a compensatory time off bank, 100% of the payment will be converted to that employee’s RHSP account. Mandatory Deduction Amounts – Participation is mandatory. Each employee shall contribute 2% of their bi-weekly wages as specified in the Adoption Agreement, along with 25% of any yearly excess PTO payout and 25% of yearly longevity pay. Fees and Expenses for the RHSP – The administrative fees will be deducted from the employee’s account. The employee shall pay all fees established by ICMA. The administrative fee is separate from and does not include underlying investment management expenses netted from all ICMA trust funds under investment on a daily valuation basis. The Employer has no control over the cost of the administrative fee and expenses. Increases or decreases to the fee and/or changes in the calculation method are at the sole discretion of ICMA. The Employer assumes no responsibility for these costs. If the employee does not have a beneficiary at time of death, all employee contributions that revert back to the Plan will be made payable to the deceased employee’s estate.
