Surplus/Reserves Clause Samples

Surplus/Reserves. All eligible and available surpluses remaining in board-owned defined benefit and board-owned defined contribution plans as a result of the transfer of OCEW and Unifor benefit plans to the OECTA ELHT will be allocated between the school board and the employees. The employees’ share is to be transferred to the applicable Trust 90 days after all Central Employee Workers’ unions or council of unions, Teachers’ Federations, and other unions have signed their respective Agreement on Central Terms or other agreements with this process. A. For policies where employee groups were tracked separately: i. The share of the total eligible and available surplus to be transferred to the OECTA ELHT - OCEW and Unifor separate accounts is the total OCEW and Unifor eligible and available surpluses multiplied by an amount equal to OCEW and Unifor represented employees’ pro rata share of employee premiums based on the employees’ co-share payment (including chargebacks for employee premiums) of benefits as reported by school boards to the ministry for the 2014-15 school year. B. For policies where multiple employee groups were pooled together: i. The total eligible and available surpluses will be allocated to each employee group based on the total paid premiums or claims costs of each group based on information provided to the ministry for the 2014-15 school year. ii. The share of the total eligible and available surplus to be transferred to the OECTA ELHT - OCEW and Unifor separate accounts is the total OCEW and Unifor eligible and available surpluses (calculated in B.i above) multiplied by an amount equal to OCEW and Unifor represented employees’ pro rata share of employee premiums based on the employees’ premiums based on the employees’ co-share payment (including chargebacks for employee premiums) of benefits as reported by school boards to the ministry for the 2014-15 school year. C. For policies where employee groups were tracked separately and pooled together: