Total Rewards Benefit Option Plan. All full-time bargaining unit members will have the option to participate in the Total Rewards Benefit Option Plan that allows employees to forgo certain benefits in exchange for a pay supplement. The following are the eligible benefits and dollar amounts of the annual pay supplements for each eligible benefit in the Total rewards Benefit Option.
1. Pay supplements will be paid out in equal portions per applicable elections over 26 pay periods commencing on the first pay period of the calendar year, For employees who elect their benefits outside of the open enrollment period event, the pay supplement will be prorated and paid out in equal portions based on the date of commencement of their benefit period. The maximum pay supplement value is up to 20% of base salary,
2. Bargaining unit members who elect to forgo their Paid Time Off for the calendar year will receive twelve (12) days of Paid Time Off to be used for personal leave, for that calendar year. Unused days cannot be rolled over or cashed out after the corresponding calendar year.
3. Bargaining unit members who select to forgo their Paid Time Off for the calendar year who have Personal Leave hours in their Personal Leave bank that they accrued in previous years may take up to eight (80) hours of Personal Leave time during the elected calendar year, if approved by their manager.
4. Bargaining unit members who select to forego their Paid Time Off for the calendar year are eligible to elect to cash out their Personal Leave as per the language in the collective bargaining unit.
5. In order to be eligible for a pay supplement, bargaining unit members who are electing to forgo their health insurance must attest and show proof of insurance elsewhere, during the period that they will not be covered by one of the Xxxxxxx Health System insurance plans.
6. In order to participate in the Total Rewards Benefit Option plan, employees must complete the required enrollment documentation and timely renew their elections during each enrollment period.
7. This program be effective January 1, 2024, and will be sunsetted at the end of this Agreement, unless both parties mutually agree to continue the program.
Total Rewards Benefit Option Plan. Benefit Options Dollar Amount of Annual Pay Supplement Health Insurance Xxxxxxx First $5,850.00 Xxxxxxx Select Xxxxxxx POS Dental Insurance $400 Paid Time Off (includes PL & Extended Illness) 8% of the employee’s annual base salary 12 PTO days to be used as needed Life Insurance $550 Survivor Benefits
