Common use of Vested Retiree Health Benefits Clause in Contracts

Vested Retiree Health Benefits. There is a retiree health benefit program, including a medical plan premium subsidy, for retired members of LACERS under LAAC Division 4, Chapter 11. Commencing July 1, 2011, the parties agree that the retiree medical plan premium subsidy available under this program is a vested benefit, and retirees are authorized to receive increases to the medical plan premium subsidy in exchange for and subject to an agreement between the Association and the City for Association members to pay additional employee contributions. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser two-party non-Medicare Part A and Part B premium, is vested. The entitlement to the maximum amount of the annual increase of the Maximum Medical Plan Premium Subsidy at an amount not less than the dollar increase in the Kaiser two-party non- Medicare Part A and Part B premium is vested and shall be granted for all members who made the additional contributions authorized by LAAC Section 4.1003(c). With regard to LACERS Tier 3, LAAC Section 4.1080.3 provides that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. The maximum amount of the annual increase authorized in LAAC Section 4.1126(b) is a vested benefit that shall be granted by the LACERS Board. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

Vested Retiree Health Benefits. There is a retiree health benefit program, including a medical plan premium subsidy, for retired members of LACERS under LAAC Division 4, Chapter 11. Commencing July 1, 2011, the parties agree that the retiree medical plan premium subsidy available under this program is a vested benefit, and retirees are authorized to receive increases to the medical plan premium subsidy in exchange for and subject to an agreement between the Association Union and the City for Association Union members to pay additional employee contributions. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser two-party non-Medicare Part A and Part B premium, is vested. The entitlement to the maximum amount of the annual increase of the Maximum Medical Plan Premium Subsidy at an amount not less than the dollar increase in the Kaiser two-party non- Medicare Part A and Part B premium is vested and shall be granted for all members who made the additional contributions authorized by LAAC Section 4.1003(c). With regard to LACERS Tier 3, LAAC Section 4.1080.3 provides that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. The maximum amount of the annual increase authorized in LAAC Section 4.1126(b) is a vested benefit that shall be granted by the LACERS Board. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

Vested Retiree Health Benefits. There is a retiree health benefit program, including a medical plan premium subsidy, for retired members of LACERS under LAAC Division 4, Chapter 11. Commencing July 1, 2011, the parties agree that the retiree medical plan premium subsidy available under this program is a vested benefit, and retirees are authorized to receive increases to the medical plan premium subsidy in exchange for and subject to an agreement between the Association Union and the City for Association Union members to pay additional employee contributions. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser two-party non-Medicare Part A and Part B premium, is vested. , The entitlement to the maximum amount of the annual increase of the Maximum Medical Plan Premium Subsidy at an amount not less than the dollar increase in the Kaiser two-party non- Medicare Part A and Part B premium is vested and shall be granted for all members who made the additional contributions authorized by LAAC Section 4.1003(c). With regard to LACERS Tier 3, LAAC Section 4.1080.3 provides that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. The maximum amount of the annual increase authorized in LAAC Section 4.1126(b) is a vested benefit that shall be granted by the LACERS Board. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.