Xxxxxx and Company. The District shall pay 75% of the cost of a vision plan for full time probationary teaching assistants to be equivalent to Clerical Plan provided by X.X. Xxxxxx and Company. The District shall pay the cost of group life insurance ($25,000) for each full time probationary teaching assistant. In the event that there are five or more unit members who elect not to receive health insurance, effective July 1, 2008, the buy-out amount shall be set at $2,750 for family buy-outs and individual buy-outs only for those receiving the buy-out during the 2007/2008 school year, as well as for those who have been paying health premium contributions during the 2007/2008 school year and would become entitled under the language of the 2007/2008 contractual agreement effective with the 2008/2009 school year. These amounts are per year and will be prorated if for less than a full year. No others shall become eligible for the buy-out. A unit member who has elected the buy-out shall be allowed to re-enter the health insurance plan during the buy-out year as a result of a qualifying event. The monies will be paid in equal biweekly paychecks over the one year buy-out period commencing January 1st and ending on December 31st. The buy-out payments will be paid as additional salary or into the employee’ s section 403(b) Internal Revenue Code tax sheltered annuity as an elective employee payment, where it may accumulate without a tax consequence until the time of withdrawal. The window period of opportunity for exercising the buy-out option is the same as for changing health insurance enrollment (November 8-12 during 2004 and a four day window period each following year). To be eligible for this benefit, you must be otherwise health insured and able to produce evidence of the same when you submit your application for the buy-out.
Xxxxxx and Company acknowledge and agree that the Employment Agreement is terminated effective on the Effective Date. As of Xxxxx 00, 0000, Xxxxxx and the Company agree that any further employment relationship between them shall be on an at-will basis, with base salary, perquisites and benefits not less than the corresponding terms in effect under the Employment Agreement immediately prior to the Effective Date, or on such other terms as may be mutually acceptable to each party.
Xxxxxx and Company. The District shall pay 75% of the cost of a vision plan for full time probationary teaching assistants to be equivalent to Clerical Plan provided by X.X. Xxxxxx and Company. The District shall pay the cost of group life insurance ($25,000) for each full time probationary teaching assistant. In the event that there are five or more unit members who elect not to receive health insurance, effective July 1, 2007 such individuals who were otherwise health insured immediately before July 1, 2004 and to those hires starting on or after July 1, 2004 who participated in individual or family health insurance coverage for at least one (1) year after hire, may opt for the health insurance buy- out: $3,250/family; $1, 750/individual. These amounts are per year and will be prorated if for less than a full year.
Xxxxxx and Company. The District shall pay 75% of the cost of a vision plan for full time probationary teaching assistants to be eq uivalent to Clerical Plan provided by X.X. Xxxxxx and Company. The District shall pay the cost of group life insurance ($25,000) for each full time probationary teaching assistant. In the event that there are five or more unit members who elect not to receive health insurance, such individuals who are otherwise health insured may opt for the health insurance buy-out: $3, 250/family; $1,750/ individual. These amounts are per year and will be prorated if for less than a full year.
