Common use of VEBA Health Savings Account (Medical and Dental Insurance Benefit Clause in Contracts

VEBA Health Savings Account (Medical and Dental Insurance Benefit. (Group 1) – For full time employees (6 hours of more per day) who as of November 1, 2001, had vested in the MCCSC 401 (a) savings plan pursuant to Section 29.1 (c) (Tier 1) of the Agreement who retire with unreduced retirement benefits under the Rule of 85 with PERF, and: (1) The individual has been enrolled in the health and/or dental insurance program in the year immediately preceding retirement; and (2) The individual has been employed by the MCCSC for a minimum of ten (10) years; and (3) The individual agrees to pay the balance of the premium cost after the Board contribution is applied; the Board shall establish and maintain a pooled VEBA (Voluntary Employee Beneficiary Association) plan pursuant to Section 510(c)(9) of the Internal Revenue Code. For employees in Group 1, the following will apply when the employee actually retires from Monroe County Community School Corporation: The School Corporation agrees to provide an amount equal to the present value of $212.80 monthly if the retiree had single coverage or $468.88 monthly if the retiree had family coverage, plus $17.35 monthly if the retiree had single dental coverage or $62.11 monthly if the retiree had family dental coverage for each month between their actual retirement date and the month before their eligibility for Medicare coverage as prescribed by 42 USC 1395 et. seq., as in effect on November 1, 2005. The assumed interest rate for purposes of determining the present value shall be 5%. In order to be eligible for the amounts shown, the retiree must have been enrolled in the plan or plans they wish to continue in the school year immediately preceding retirement. This present value shall be deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in the retiring employee’s name. The deposit shall first come from the pooled VEBA (Voluntary Employee Beneficiary Association) account and if that account is exhausted, then from the School Corporation. The Board shall establish a VEBA (voluntary Employee Benefit Assistance) plan pursuant to 501(c)(9) of the Internal Revenue Code. For employees in Group 2 the school corporation deposit an amount equal to one half of one percent (.5%) of each employee’s base pay amount annually into an individual VEBA account on behalf of each employee. This one half of one percent (.5%) ongoing contribution will vest with an employee upon completion of five (5) years of continuous service with the School Corporation. One year of service shall be credited upon completion of one hundred twenty (120) days in a given school year. Years of service completed prior to November 1, 2005, shall be credited toward completion of the five (5) year vesting period. In addition to this ongoing contribution, the school corporation shall deposit a one-time lump sum payment of two hundred dollars ($200.00) into an individual VEBA account on behalf of each employee. The Board shall establish a VEBA (voluntary Employee Benefit Assistance) plan pursuant to 501(c)(9) of the Internal Revenue Code. For employees in Group 3 the school corporation shall deposit an amount equal to one half of one percent (.5%) of each employee’s base pay amount annually into an individual VEBA account on behalf of each employee. This one half of one percent (.5%) ongoing contribution will vest with an employee upon completion of five (5) years of continuous service with the School Corporation. One year of service shall be credited upon completion of one hundred twenty (120) days in a given school year. Years of service completed prior to November 1, 2005, shall be credited toward completion of the five (5) year vesting period. In addition to this ongoing contribution, the school corporation shall deposit a one-time lump sum payment of two hundred dollars ($200.00) into an individual VEBA account on behalf of each employee.

VEBA Health Savings Account (Medical and Dental Insurance Benefit. The Monroe County Community School Corporation and AFSCME Local 3995 hereby agree that for corporation bus drivers and bus monitors specified below the following language will apply: (Group 1) – For full time employees (6 bus drivers working a minimum of 5 hours per day and bus monitors working a minimum of more 4.5 hours per day) who as of November 1, 2001, had vested in the MCCSC 401 (a) savings plan pursuant to Section 29.1 (c) (Tier 1) of the Agreement who retire with unreduced retirement benefits under the Rule of 85 with PERF, and: (1) The individual has been enrolled in the health and/or dental insurance program in the year immediately preceding retirement; and (2) The individual has been employed by the MCCSC for a minimum of ten (10) years; and (3) The individual agrees to pay the balance of the premium cost after the Board contribution is applied; the Board shall establish and maintain a pooled VEBA (Voluntary Employee Beneficiary Association) plan pursuant to Section 510(c)(9) of the Internal Revenue Code. For employees in Group 1, the following will apply when the employee actually retires from Monroe County Community School Corporation: The School Corporation agrees to provide an amount equal to the present value of $212.80 166.34 monthly if the retiree had single coverage or $468.88 415.83 monthly if the retiree had family coverage, plus $17.35 11.77 monthly if the retiree had single dental coverage or $62.11 40.30 monthly if the retiree had family dental coverage for each month between their actual retirement date and the month before their eligibility for Medicare coverage as prescribed by 42 USC 1395 et. seq., . as in effect on November 1, 2005. The assumed interest rate for purposes of determining the present value shall be 5%. In order to be eligible for the amounts shown, the retiree must have been enrolled in the plan or plans they wish to continue in the school year immediately preceding retirement. This present value shall be deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in the retiring employee’s name. The deposit shall first come from the pooled VEBA (Voluntary Employee Beneficiary Association) account and if that account is exhausted, then from the School Corporation. The Board shall establish a VEBA (voluntary Voluntary Employee Benefit Assistance) plan pursuant to 501(c)(9) of the Internal Revenue Code. For employees in Group 2 the school corporation shall deposit an amount equal to one half of one percent (.5%) of each employee’s base pay amount annually into an individual VEBA account on behalf of each employee. This one half of one percent (.5%) ongoing contribution will vest with an employee upon completion of five (5) years of continuous service with the School Corporation. One year of service shall be credited upon completion of one hundred twenty (120) days in a given school year. Years of service completed prior to November 1, 2005, shall be credited toward completion of the five (5) year vesting period. In addition to this ongoing contribution, the school corporation shall deposit a one-time lump sum payment of two hundred dollars ($200.00) into an individual VEBA account on behalf of each employee. The Board shall establish a VEBA (voluntary Employee Benefit Assistance) plan pursuant to 501(c)(9) of the Internal Revenue Code. For employees in Group 3 the school corporation shall deposit an amount equal to one half of one percent (.5%) of each employee’s base pay amount annually into an individual VEBA account on behalf of each employee. This one half of one percent (.5%) ongoing contribution will vest with an employee upon completion of five (5) years of continuous service with the School Corporation. One year of service shall be credited upon completion of one hundred twenty (120) days in a given school year. Years of service completed prior to November 1, 2005, shall be credited toward completion of the five (5) year vesting period. In addition to this ongoing contribution, the school corporation shall deposit a one-time lump sum payment of two hundred dollars ($200.00) into an individual VEBA account on behalf of each employee.