Common use of Amount of Monthly Benefit Clause in Contracts

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.