Common use of Vested Benefits for Tier 1 Clause in Contracts

Vested Benefits for Tier 1. The City agrees that Tier 1 employees and retirees have a vested benefit to retiree medical contributions. These Retiree Medical Benefits herein set forth are permanently and irrevocably vested for Tier 1 employees. Specifically, the vested benefit is the value of the actual premium cost for the plan and coverage level selected, up to a maximum of 100% of the medical average premium rates for the CalPERS (PEMHCA) Health Plans for the region that includes the City of Ontario. The current Retiree Medical Benefit for Tier 1 employees is listed in Section 11.01.

Vested Benefits for Tier 1. The City agrees that Tier 1 employees and retirees have a vested benefit to retiree medical contributions. These Retiree Medical Benefits herein set forth are permanently and irrevocably vested for Tier 1 employees. Specifically, the vested benefit is the value of the actual premium cost for the plan and coverage level selected, up to a maximum of 100% of the medical average premium rates for the CalPERS (PEMHCA) Health Plans for the region that includes the City of Ontario. The current Retiree Medical Benefit for Tier 1 employees is listed in Section 11.01.