Common use of Opt-Out Right Clause in Contracts

Opt-Out Right. Any employee who is employed and covered by this Agreement as of the date of ratification by both parties shall have the right to opt out of (waive) the City’s obligation to pay the cost of retiree health benefits as provided in Section 18.5. In consideration of such a waiver, the employee shall be entitled to the retirement health benefits provided under the Retiree Health Savings Plan (“RHSP”) set forth in Article XIX. Such waiver rights shall be exercisable during open enrollment periods established at least annually by the City. Once an employee exercises his right to waive the premium payment obligations of the City under Section 18.5, he shall be covered by the provisions of Article XIX and, while retaining any statutory right that he may have to remain in the group covered by the City health plan, shall no longer be eligible for City-paid health care coverage as provided by Section 18.5. Such opt-out election shall be irrevocable.

Opt-Out Right. Any employee who is employed and covered by this Agreement as of the date of ratification by both parties shall have the right to opt out of (waive) the City’s obligation to pay the cost of retiree health insurance benefits as provided in Section 18.5. In consideration of such a waiver, the employee shall be entitled to the retirement health insurance benefits provided under the Retiree Health Savings Plan (“RHSP”) set forth in Article XIX. Such waiver rights shall be exercisable during open enrollment periods established at least annually by the City. Once an employee exercises his right to waive the premium payment obligations of the City under Section 18.5, he shall be covered by the provisions of Article XIX and, while retaining any statutory right that he may have to remain in the group covered by the City health planinsurance, shall no longer be eligible for City-paid health care coverage insurance premiums as provided by Section 18.5. Such opt-out election shall be irrevocable.

Opt-Out Right. Any employee who is employed and covered by this Agreement as of the date of ratification by both parties shall have the right to opt out of (waive) the City’s obligation to pay the cost of retiree health benefits as provided in Section 18.5. In consideration of such a waiver, the employee shall be entitled to the retirement health benefits provided under the Retiree Health Savings Plan (“RHSP”) set forth in Article XIX. Such waiver rights shall be exercisable during open enrollment periods established at least annually by the City. Once an employee exercises his their right to waive the premium payment obligations of the City under Section 18.5, he they shall be covered by the provisions of Article XIX and, while retaining any statutory right that he they may have to remain in the group covered by the City health plan, shall no longer be eligible for City-paid health care coverage as provided by Section 18.5. Such opt-out election shall be irrevocable.