Retirement Health Savings (RHS) Plan Sample Clauses

Retirement Health Savings (RHS) Plan. A. During the effective term of this agreement, the City agrees to provide contributions for regular, full-time Unit employees toward a Retirement Health Savings (“RHS”) Plan, to be administered as described below. The intent of this plan is for the benefits paid to be available to fully or partially defray the costs incurred by employees for health plan premiums or medical expenses after retirement from the City. The plan shall be in lieu of any other City-funded retiree medical plan. B. The City shall contribute $75.00 monthly to a Retirement Health Savings Plan if the following conditions are met: a) The Unit employee is appointed to a full-time position at the time of the City contribution; and b) The Unit employee has completed fifteen years of regular service with the City. Regular service is defined, for purposes of this Section only, as any time served in City employment in a part-time or full-time capacity; and c) This Section does not apply to any time in City service as a temporary/hourly employee. C. These contributions will be made for each complete calendar month of an employee’s active City service; except that employees on authorized unpaid leave from City employment while assigned to active military duty shall receive monthly contributions during the period of such leave. Additionally, these contributions will begin with the employee’s sixteenth year of regular, full-time service with the City and shall continue through the employee’s separation from City service. All plan contributions made by the City on behalf of any active Unit employees are 100% vested. No plan contributions shall be made following an employee’s separation from City service. D. The Retirement Health Savings Plan shall provide for benefits to be paid to a Unit employee after retirement based upon contributions made on behalf of such employee and shall not define a particular benefit to be paid to such employee. The plan shall be administered by the City, or the authorized plan administrator designated by the City, in its sole discretion in a manner consistent with this agreement. E. The City may change or terminate the plan at any time following the effective term of this agreement if, in its sole discretion, such change or termination of the plan is a business necessity. Any change or termination shall not affect any contributions which have vested under subsection (C) above. Further, the City may change the plan at any time during the effective period of this agreeme...
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Retirement Health Savings (RHS) Plan. Employees hired, transferred or promoted after July 1, 2012, who are not eligible for retiree health care (no gain - no loss), 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 in vesting 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 20 years of service and will be 100% vested in the Retiree Health Saving 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.
Sample 1
Retirement Health Savings (RHS) Plan. Employees participate in the City’s Retirement Health Savings Plan (RHS) subject to the following: A. One and one-quarter percent (1.25%) will be deducted from each employee’s base pay and deposited into their individual RHS account each pay period. This contribution shall be made on a pre-tax basis. B. The City will contribute one percent (1%) of the employee’s base pay deposited into their individual RHS account each pay period.
Sample 1
Retirement Health Savings (RHS) Plan. 1) Through the effective period of this agreement, the City agrees to provide contributions for Professional employees toward a Retirement Health Savings (RHS) Plan, to be administered by ICMA Retirement Corporation or its affiliates, as described below. The intent of this Plan is for the benefits to be available to partially defray the costs incurred by employees for health plan premiums or medical expenses after retirement from the City. The plan shall be in lieu of any other City-funded retiree medical plan. 2) The Retirement Health Savings Plan is the following. For all Professional employees who complete fifteen years of regular, full-time service with the City, the City shall contribute $125.00 monthly to a Retirement Health Savings Plan. These contributions will be made for each complete calendar month of an employee’s active City service; except that employees on authorized unpaid leave from City employment while assigned to active military duty shall receive monthly contributions during the period of such leave. Additionally, these contributions will begin with the employee’s sixteenth year of regular, full-time service with the City and shall continue through the employee’s twenty-fifth year of service. All plan contributions made by the City on behalf of any employee shall vest only upon completion of twenty years of regular, full-time City service. No plan contributions shall be made following an employee’s separation from City service. 3) The Retirement Health Savings Plan shall provide for benefits to be paid to a Professional employee after separation from City service based upon contributions made on behalf of such employee and shall not define a particular benefit to be paid to such employee.
Sample 1
Retirement Health Savings (RHS) Plan. 1) Through the effective period of this agreement, the City agrees to provide pre-tax contributions for full-time Unit employees toward a Retirement Health Savings (RHS) Plan, administered by ICMA Retirement Corporation or its affiliates, as described below. The intent of this Plan is for the benefits to be available to partially defray the costs incurred by employees for health plan premiums or medical expenses after retirement from the City. The plan shall be in lieu of any other City-funded retiree medical plan. 2) The Retirement Health Savings Plan is the following. For all full-time Unit employees who complete fifteen years of regular service with the City, the City shall contribute $125.00 per month to a Retirement Health Savings Plan, beginning with the employee’s sixteenth year of regular, full-time service with the City. The City shall continue to make contributions through the employee’s twenty-fifth year of service. Effective following adoption of the MOU by the City Council and as soon as administratively feasible, the City’s contributions will begin with the employee’s sixteenth year of regular City service and shall continue until the employee’s separation from City service. All plan contributions made by the City on behalf of active Unit employees are 100% vested. No plan contributions shall be made following an employee’s separation from City service. 3) The Retirement Health Savings Plan shall provide for benefits to be paid to a Unit employee after separation from City service based upon contributions made on behalf of such employee and shall not define a particular benefit to be paid to such employee.
Sample 1
Retirement Health Savings (RHS) Plan. The City sponsors a Retirement Health Savings Plan administered by Mission Square Retirement. Eligible employees are required to participate in the City’s Retirement Health Savings Plan in order to receive a payout of their accrued sick leave at the time of separation from the City. All contributions to this account are set aside exclusively for qualifying medical expenses. The Plan offers tax advantage benefits, and the funds are invested through a managed fund; however, employees do have the option to control their investment decisions through their Account Access in the RHS online portal. Contributions for employees enrolled in the RHS Plan will be made in the RHS Payment Schedule listed in Article 15. Please note that eligible employees who are not enrolled in the Retirement Health Savings plan will not receive any payment of accrued sick leave at retirement or separation.
Sample 1
Retirement Health Savings (RHS) Plan. Employees shall contribute, once yearly on March 1st, the value of unused, accumulated sick leave to a RHS Plan, as follows: (a) For Employees with: Less than 600 hours, no contribution; 601 hours and above: Four [4] days (b) Annual Contribution Maximum: Four (4) days (c) This subsection shall be in effect for the FY12 contribution to be deposited July 2012. Any contributions previously deposited by employees under the prior contract shall remain in their RHS accounts and be unaffected hereby.
Sample 1
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Retirement Health Savings (RHS) Plan 
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Related to Retirement Health Savings (RHS) Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

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