Retiree Medical Trust definition
Examples of Retiree Medical Trust in a sentence
Contributions shall be transferred to the County of Orange Retiree Medical Trust.
Employee contributions shall be remitted bi-weekly, in one aggregate ACH transfer to the custodian of the Retiree Medical Trust, accompanied by a list of the employees for whom the contributions are made.
Effective, April 1, 2003, the City provided $20,000.00 to set up a Retiree Medical Trust Coalition.
In addition, the City will pay the remainder of the employee’s portion of the Retiree Medical Trust, up to $3,480 for employees subject to layoff (not displacement).
Participation in the Retiree Medical Trust as outlined in 1 of this Section.
Effective January 1, 2007, for BMA represented employees who retired between June 29, 1992 and December 31, 2003 and chose not to participate in the Retiree Medical Trust set forth in Section F of this Article, the City shall provide a monthly payment to each such retiree as a supplement to their health care insurance in an amount that is calculated by dividing $18,000 by 12 (months) by the number of such retirees until fifteen (15) of such eligible retirees remain.
Employees who retired on or after January 1, 2004, will only be eligible to participate in the Retiree Medical Trust as outlined in 1 of this Section.
Creation – A Retiree Medical Trust Fund (RMT) will be established by the Association for eligible employees in the Bargaining Unit.
The retiree may, if available and permitted under the terms of the Retiree Medical Trust, use contributions made to the Trust to cover any additional costs not covered by the Retiree Health Insurance Contribution.
The City will cooperate with the SPOA to amend the documents related to the SPOA Retiree Medical Trust ("RMT") to reflect that the City relinquishes all of its right to designate any trustees under the RMT and any and all rights, obligations, or responsibility under the RMT so that only the SPOA designated Trustees will administer the RMT.