RETIREMENT MEDICAL TRUST FUND Sample Clauses

RETIREMENT MEDICAL TRUST FUND. ‌ A Retirement Medical Trust Fund will be established for eligible Unit employees. The Trust is administered by a Board of Trustees who manage the resources of the Trust Fund and determine appropriate investment options and administrative fees for managing the Trust Fund. The Trustees insure that payments of qualified medical expenses incurred by retirees or their eligible dependents are properly reimbursed. The Trust will establish individual accounts for each participant who will be credited with earnings/losses based upon the investment performance of the participant’s individual account. All of the contributions to the Trust Fund will be treated for tax purposes as employer, non-elective contributions resulting in tax-free contributions for the District. All of the distributions from the Trust Fund made to retirees or their eligible dependents for the reimbursement of qualified medical expenses as defined by the Internal Revenue Codes (including medical and other eligible insurance premiums) will also be non-taxable to the retiree or the retiree’s eligible dependent(s). The Trust is a Voluntary Employees Benefit Association (VEBA) and will comply with all of the provisions of Section 501(c)(9) of the Internal Revenue Code.
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RETIREMENT MEDICAL TRUST FUND. In the event the Association forms or joins a Retirement Medical Trust Fund, all employees covered under this Agreement will participate in accordance with Federal and State Laws applicable to employee benefit trust funds (26 USC 501 (c)(9). The monies contributed to the Retirement Trust shall be used only for retiree health insurance premiums or health service expenses. The employee’s contribution shall be made by automatically deducting the specified amount from the paycheck of eligible employees prior to any taxes being withheld. The amount of the payroll deduction shall be determined by the Retirement Trust.
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RETIREMENT MEDICAL TRUST FUND. Notwithstanding any other provision of this Agreement (with specific reference to Article 12 and Article 14), and no earlier than September 1, 2004, the Association or the County agrees to meet and confer with the other party upon request regarding a cost-neutral Retirement Medical Trust Fund and to re-open those provisions of this Agreement which may be affected.
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RETIREMENT MEDICAL TRUST FUND. A Retirement Medical Trust Fund has been established for eligible Unit employees. Eligible employees are those employees with ten (10) or more years of participation in the San Bernardino County Employees’ Retirement Association (SBCERA); or those individuals who contributed to a public sector retirement system or systems over a ten (10) year period and did not withdraw their contributions from the retirement system(s); or those who receive a disability retirement. Those eligible employees with ten (10) or more years of combined contributions to SBCERA and other public sector retirement system(s) must complete a Prior Service Credit Request form and submit it to the
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RETIREMENT MEDICAL TRUST FUND. ALL UNITS
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RETIREMENT MEDICAL TRUST FUND. A Retirement Medical Trust Fund will be established the first full pay period following Board approval for eligible employees of the Nurses Unit. Eligible employees are those employees with ten (10) or more years of participation in the San Bernardino County Employees’ Retirement Association; or those individuals who contributed to a public sector retirement system over a ten-year period and did not withdraw their contributions from the retirement system(s); or those who receive a disability retirement. Those eligible employees with ten (10) or more years of combined contributions to SBCERA and other public sector retirement system(s) must complete a Prior Service Credit Request form and submit it to the Retirement Medical Trust Plan Administrator for approval. A letter from the public sector retirement system(s) confirming that contribution have not been withdrawn must accompany the form. The trust is administered by a Board of Trustees who manage the resources of the Trust Fund and determine appropriate investment options and administrative fees for managing the Trust Fund. The Trustees insure that payments of qualified medical expenses incurred by retirees or their eligible dependents are properly reimbursed. The trust will establish individual accounts for each participant who will be credited with earnings/losses based upon the investment performance of the participant’s individual account. All of the contributions to the Trust Fund will be treated for tax purposes, as employer, non-elective contributions resulting in tax-free contributions for the County. All of the distributions from the Trust Fund made to retirees or their eligible dependents for the reimbursement of qualified medical expenses as defined by the Internal Revenue Codes (including medical and other eligible insurance premiums) will also be non-taxable to the retiree or the retiree’s eligible dependent(s). The trust fund is a Voluntary Employees Benefit Association (VEBA) and will comply with all of the provision of Section 501(c)(9) of the Internal Revenue Code. At retirement, all eligible employees will be required to contribute the cash value of their unused sick leave balances to the Trust, in accordance with the conditions described below: 241 to 480 hours 35% 481 to 720 hours 40% 721 to 840 hours 45% 841 to 960 hours 50% 961 to 1,200 hours 60% Effective the first pay period following Board approval, the County shall contribute to the Trust an amount equal to a percentage of the b...
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Related to RETIREMENT MEDICAL TRUST FUND

  • The Unemployment Trust Fund 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: The State shall use the following methodology to calculate State interest liabilities on funds withdrawn from the several accounts in the UTF under the Unemployment Insurance program. Based on statements provided by its financial institution, or other appropriate source, the State shall determine the actual interest earnings and the related banking costs attributable to funds withdrawn from its account in the UTF. At the end of the State's fiscal year, the State shall calculate the percentage of its total unemployment compensation expenditures for (1) funds withdrawn from the State account in the UTF, or the State %, and (2) funds withdrawn from the Federal Employees Compensation Account (FECA) and the Extended Unemployment Compensation Account (EUCA) and any other accounts of Federal funds in the UTF, or the Federal %. The State shall calculate the actual interest earnings and the related banking costs attributable to funds withdrawn from the State account in the UTF by multiplying the State % by the amount of the actual interest earnings and the related banking costs of the account as a whole. The State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings attributable to such funds less the related banking costs attributed to such funds. The State shall determine the average daily cash balance of its unemployment compensation benefit payment account for its fiscal year. The State shall calculate the average daily cash balance of Federal funds by multiplying the Federal % by the average daily cash balance of the benefit payment account on the whole. The State's liability for interest on funds withdrawn from the FECA and EUCA (and any other benefit accounts of Federal funds in the UTF from which the State draws funds) shall be the average daily cash balance of Federal funds multiplied by the annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during the State's fiscal year.

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  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

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