Common use of HMO Stipend Clause in Contracts

HMO Stipend. Any employee who provides the City with a written commitment to opt for coverage under the City's HMO insurance plan for a four year period on a form provided by the City shall receive a one-time cash payment of $1,000 within two pay periods from the close of open enrollment and the employee's submission of the aforementioned form. In the event any such employee fails to fulfill or otherwise breaches said aforementioned four year written commitment, such employee shall agree to refund the aforementioned $1,000 to the city at the rate of $100 per pay period if such employee was previously covered under the City's HMO insurance plan prior to the date of the aforementioned written commitment. If the breaching employee was covered under the City's PPO insurance coverage, such employee shall refund the City a proportionate share of the $1,000 on a pro rata basis at the rate of $100 per pay period. Employees hired on or after July 1, 2012, shall not be eligible for the aforementioned stipend.