Amount of Monthly Benefit Clause Samples
The "Amount of Monthly Benefit" clause defines the specific sum that will be paid to a beneficiary or policyholder on a monthly basis under the terms of an insurance or benefits agreement. This clause typically outlines how the monthly payment is calculated, whether it is a fixed amount or determined by factors such as salary, coverage level, or other eligibility criteria. Its core practical function is to provide clarity and certainty regarding the financial support available each month, ensuring both parties understand the exact benefit to be received and reducing the potential for disputes over payment amounts.
Amount of Monthly Benefit. Effective July 1, 2024, the monthly FBP contribution allotment is one thousand seven hundred dollars ($1,700) per month for each employee. Effective July 1, 2026, the monthly FBP contribution allotment is one thousand eight hundred dollars ($1,800) per month for each employee. Each year during the open enrollment period, employees whose premiums exceed their FBP contribution amount have the option to redirect up to 100% of the City paid deferred compensation contribution and have that amount added to their FBP contribution (see Section 12.4 for the deferred compensation contribution amount).
Amount of Monthly Benefit. Effective January 1, 2018, The City will maintain the Flexible Benefit Plan contribution in an amount equal to one thousand five hundred six dollars ($1,506). Effective January 1, 2022 the Flexible Benefit Plan contribution amount will be reduced to one thousand five hundred dollars ($1,500). New Employees hired after December 4, 2017 shall not be entitled to cash out any portion of the Flexible Benefit Plan Contribution. Effective January 1, 2022 and each year during the open enrollment period employees whose premiums exceed their FBP contribution amount have the option to redirect the City paid deferred compensation contribution of $100.00 and have that amount added to their FBP (see 21.4). The City agrees to a limited reopener to discuss a potential increase to the FBP in the final year 2024 of this MOU. Any increase negotiated would be effective January 1, 2024. The bargaining group must approach the Human Resources Department Division to request a reopener if it is desired at that time. The mutual agreement of the parties is required for any change.
Amount of Monthly Benefit. 15.3.1 For APMA members who joined APMA prior to January 1, 2019, the flexible benefit monthly allowance is $1,765. For APMA members who joined prior to January 1, 2019 and using any portion of the flexible benefit allowance, the excess will cap at $1,000 for receiving a cash payout.
15.3.2 For those APMA members who joined prior to January 1, 2019, the member shall be able to use the full amount of $1,765 for health insurance, dental insurance, vision plans, and all supplemental products (i.e. term life insurance, flexible spending account, disability insurance, accident insurance, critical illness insurance, cancer insurance, etc.)
15.3.2.1 For example, a member whose flexible benefit allowance is $1,765 uses $500 for medical, dental, vision and/or supplemental products will be eligible for $1,000 cash payment and forfeits the remaining $265.
15.3.3 For those APMA members who joined prior to January 1, 2019 and using any portion of the flexible benefit allowance, the excess will cap at $300 for receiving a cash payout.
15.3.3.1 For example, a member whose flexible benefit allowance is $1,765 uses $500 for medical, dental, vision and/or supplemental products will be eligible for $300 cash payment and forfeits the remaining $965.
15.3.4 For those members who join the APMA on or after January 1, 2019, the flexible benefit monthly allowance is $1,600. The member shall be able to use the full amount of $1,600 for health insurance, dental insurance, vision plans, and all supplemental products (i.e. term life insurance, flexible spending account, disability insurance, accident insurance, critical illness insurance, cancer insurance, etc.).
15.3.5 For those members who joined the membership on or after January 1, 2019 and use any portion of the flexible benefit allowance, the excess will cap at $300 for receiving a cash payout.
15.3.6 Effective January 1, 2021, employees whose premiums exceed their FBP contribution amount can elect to opt out of City paid deferred compensation during open enrollment period and place what would otherwise be contributed to deferred compensation to FBP contribution.
Amount of Monthly Benefit. 15.3.1 For those APEA members who joined prior to January 1, 2021 (Founding Captains), the member shall be able to use the full amount of $1,765 for health insurance, dental insurance, vision plans, and all supplemental products (i.e. term life insurance, flexible spending account, disability insurance, accident insurance, critical illness insurance, cancer insurance, etc.)
15.3.2 For those APEA members who joined prior to January 1, 2021 and using any portion of the flexible benefit allowance, the excess will cap at $300 for receiving a cash payout.
15.3.2.1 For example, a member whose flexible benefit allowance is $1,765 uses $500 for medical, dental, vision and/or supplemental products will be eligible for $300 cash payment and forfeits the remaining $965.
15.3.3 For those members who join the APEA on or after January 1, 2021, the flexible benefit monthly allowance is $1,600 upon ratification of this agreement. The member shall be able to use the full amount of $1,600 for health insurance, dental insurance, vision plans, and all supplemental products (i.e. term life insurance, flexible spending account, disability insurance, accident insurance, critical illness insurance, cancer insurance, etc.).
15.3.4 For those members who joined the membership on or after January 1, 2021 and use any portion of the flexible benefit allowance, the excess will cap at $300 for receiving a cash payout.
15.3.5 Any employee who promotes to an APEA position AND was a member of the Police Management Association (APMA) prior to January 1, 2019 will be eligible for the FBP contribution amount in accordance with Article 15.
15.3.6 Effective January 1, 2021, employees whose premiums exceed their FBP contribution amount can elect to opt out of City paid deferred compensation during open enrollment period and place what would otherwise be contributed to deferred compensation to FBP contribution.
Amount of Monthly Benefit. Upon ratification of this MOU agreement, the City and APMA Association agrees to make the following change to the monthly flexible benefit allowance and excess cap for cash payout:
15.3.1 For APMA members who joined APMA prior to January 1, 2019, prior benefits shall remain unchanged and in effect until December 31, 2019.
Amount of Monthly Benefit. Effective August 1, 2019, the Flexible Benefit Plan will increase to one thousand four hundred dollars ($1,400) per month for each employee. This plan is voluntary and can be used by the employee to pay, to the extent available, for qualified benefits as determined by the IRS. The employee understands that, in the event the total premiums and/or expenses for qualified benefits selected by him/her exceed the amount of the FBP, the excess shall be deducted from pre-tax wages.
Amount of Monthly Benefit. Effective July 1, 2020, the Flexible Benefit Plan will increase to one thousand five hundred dollars ($1,500) per month for each employee. This plan is voluntary and can be used by the employee to pay, to the extent available, for qualified benefits as determined by the IRS. The employee understands that, in the event the total premiums and/or expenses for qualified benefits selected by him/her exceed the amount of the FBP, the excess shall be deducted from pre-tax wages. Effective January 1, 2021 and each year during the open enrollment period employees whose premiums exceed their FBP contribution amount have the option to redirect the City paid deferred compensation contribution of $100.00 and have that amount added to their FBP (see 12.4). The City agrees that should any other non-sworn bargaining unit be provided with a higher FBP contribution after June 30, 2020 than the $1,500 per month that is provided for ACEA in this MOU, the City will provide that increased amount to ACEA. The City - agrees to a limited reopener to discuss a potential increase to the FBP in the final year 2024 of this MOU. Any increase negotiated would be effective January 1, 2024. The bargaining group must approach the Human Resources Department Division to request a reopener if it is desired at that time. The mutual agreement of the parties is required for any change.
Amount of Monthly Benefit. Effective August 1, 2020, the City and the ▇▇▇▇ Association agrees to make the following changes to the monthly flexible benefit allowance and excess cap for cash out:
15.2.1 For employees hired on or before January 31, 2016, the City’s Flexible Benefit Plan contribution will increase from one thousand four hundred fifty four ($1,454) to one thousand five hundred dollars ($1,500) per month for each employee.
15.2.2 Effective January 1, 2020, for employees hired on or before January 31, 2016, the City will continue to provide a cash- out option up to a cap of one thousand dollars ($1,000) per month for any employee who provides proof of other coverage for themselves and their dependents or otherwise does not use the entire FBP amount. The cash out amount plus the remaining benefit may be used to purchase other benefits, at the employee’s option.
15.2.2.1 For example, a member whose flexible benefit allowance is $1,500 uses $300 for medical, dental, vision, and/or supplemental products will be eligible for $1,000 taxable cash payment and can use the remaining $200 for supplemental products.
15.2.3 For employees hired on or after February 1, 2016, the City’s Flexible Benefit Plan contribution will increase from one thousand four hundred dollars ($1,400) per month to one thousand five hundred dollars ($1,500) per month for each employee effective January 1, 2021, with no cash out provision. These members may, however, opt out of the Flexible Benefit Plan and receive three hundred dollars ($300) in lieu of participation.
15.2.4 Effective January 1, 2021 and each year during the open enrollment period employees whose premiums exceed their FBP contribution amount have the option to redirect the City paid deferred compensation contribution of one hundred ($100) and have that amount added to their FBP (see Section 12.4). This plan can be used by the employee to pay, to the extent available, for qualified benefits as determined by the IRS. The employee understands that, in the event the total premiums and/or expenses for qualified benefits selected by him/her exceed the amount of the FBP, the excess shall be deducted from pre-tax wages of the employee.
Amount of Monthly Benefit. The City will maintain the Flexible Benefit Plan at an amount equal to the CalPERS, Los Angeles County, Kaiser Family Plan Rate plus the Delta Dental PPO Family Plan Rate, for a total Flexible Benefit Plan contribution of one thousand three hundred and forty six dollars ($1,346). ) per month for each employee. This plan is voluntary and can be used by the employee to pay, to the extent available, for qualified benefits as determined by the IRS. The employee understands that, in the event the total premiums and/or expenses for qualified benefits selected by him/her exceed the amount of the FBP, the excess shall be deducted from pre-tax wages. As to new unit members who are hired on or after the adoption of this MOU (March 21, 2016), the City will maintain a total Flexible Benefit Plan contribution of one thousand two hundred dollars ($1200). New members are not eligible for any cash in lieu option related to this benefit.. New members may opt out of the Flexible Benefit Plan and receive three hundred dollars ($300) in lieu of participation.
Amount of Monthly Benefit. As of January 1, 2010, the Flexible Benefit Plan amount is one thousand two hundred twenty four dollars $1224. Effective July 1, 2010, the City will maintain the Flexible Benefit Plan at one thousand two hundred twenty four dollars ($1224) per month for each employee. This plan can be used by the employee to pay, to the extent available, for qualified benefits as determined by the IRS. The employee understands that, in the event the total premiums and/or expenses for qualified benefits selected by him/her exceed the amount of the FBP, the excess shall be deducted from pre-tax wages of the employee.