Common use of Rights to Withdraw from the Dental Plan Clause in Contracts

Rights to Withdraw from the Dental Plan. Effective 1986 August 1 and thereafter, any Employer electing to withdraw from the GVRD Dental Pool 061 shall do so only upon: (a) fully prepaying its plan deficit existing at the time of withdrawal, or alternatively receiving its plan surplus existing at the time of withdrawal, in either instance calculated back to the later of 1986 August 1 or the last date upon which premiums were adjusted. Having paid the deficit/received the surplus attributable to its employee group, the Employer shall then, in accordance with the existing cost-sharing agreement governing dental plan premiums, make the necessary arrangements to either recover the employees' share of the deficit or to disburse the employees' share of the surplus; (b) providing its Union and the JNC Benefits Subcommittee with a minimum of 60 days' notice; (c) ensuring that, upon withdrawing, identical coverage is obtained for its employees at a premium rate equal to or lower than that applicable to the premium rate of Pool 061 at that date.