Supplemental Insurance Payments Sample Clauses

Supplemental Insurance Payments. The Board will make an annual payment in the amount of $1,750 to an eligible teacher with no spouse or eligible dependent(s) or $3,000 for any other eligible teacher who is enrolled in the health insurance plan provided by MPSERS. If a husband and wife are both eligible for these supplemental insurance benefits, the Board will make an annual contribution of $1,750 for each (or a total of $3,500). During the first five (5) years after a teacher’s retirement, the annual contribution (if applicable) will be in the form of a non-elective employer contribution to the teacher’s 403(b) account. No cash option will be allowed. Beginning the sixth (6th) year after a teacher’s retirement, the annual contribution (if applicable) will be made to a Voluntary Employees Beneficiary Account (“VEBA”). To the extent the contributions to a teacher’s 403(b) account are not eligible for the tax benefits permitted by law, the contribution will be made to a VEBA, and vice versa. A teacher shall have up to five (5) years after retirement to enroll in the insurance plan provided by MPSERS to be eligible for this benefit. The Board’s obligation to make annual contributions shall not commence until an eligible teacher is enrolled in the insurance plan provided by MPSERS and shall terminate if the teacher discontinues enrollment, dies or after five (5) years of contributions by the Board.
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Related to Supplemental Insurance Payments

  • Dental Insurance The State agrees to pay one hundred percent (100%) of the employee premium of a dental insurance program for full-time employees. The benefit levels of this program shall provide one hundred percent (100%) coverage for preventive care and eighty percent (80%) coverage for general service care. The State agrees to provide payroll deduction for dental insurance, provided such arrangements are agreed to by the insurance carrier. Dependent coverage will be available provided there is sufficient employee participation in the dental insurance program. Dependent coverage will be at the employees' expense.

  • ADDITIONAL INSURED ENDORSEMENT AND PRIMARY AND NON-CONTRIBUTORY INSURANCE CLAUSE Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier. The policy provision(s) or endorsement(s) must further provide that coverage is primary and not excess over or contributory with any other valid, applicable, and collectible insurance or self-insurance in force for the additional insureds.

  • Group Insurance 38.01 The Group Insurance Plan presently in effect shall remain in effect during the term of this Agreement.

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