MOU - Post-Retirement Health Care Savings Plan
During the negotiations of the 2012-2013 labor contract the parties agreed to the following:
- The University shall provide for participation in a post retirement health care savings plan for all eligible bargaining unit members.
- Effective the first pay period in May 2008 all bargaining unit employees, at the time of separation of employment from the University, shall have the value of their unused vacation and compensatory time balances paid directly into the post retirement health care savings account.
- Effective January 1, 2009 employees eligible for pension contributions shall have 1% of their pension eligible earnings deducted from their pay and deposited directly into the post retirement healthcare savings account.
This agreement shall be remain in place under the same terms as listed above for the duration of the 2010-2011 contract agreement.
The parties agree to this Memorandum on this 10th day of August, 2012.