Broker Check

Plan Examples

In this section…

Examples of how this program has been implemented in different ways:

  • Fire Union – Every fireman is deferring 1.5%, then 2%, then 2.5% of their salary over the 3 years of the most recently negotiated contract. Plan is to increase to 5% over time.
  • Police Union – Once the officer accumulates a number of sick days (example 30), every unused sick day is converted to cash and deposited into their RHFP account on January 1 of the following year.
  • Fire Union – Every member is deferring .5% of salary for this contract.
  • Fire Union – 100% of Severance Benefit (50% of final salary) deposited at retirement.
  • Police Union – Currently an officer can retire with 120 sick days that can be converted into cash at 50%. Every officer will have to convert 100% of their account into their RHFP account upon retirement.
  • Police Union – Currently negotiated to have the employer collect and remit $20 per pay period to fund flat benefit RHFP.
  • Non-Represented – All non-represented are required to convert 100% of their accumulated sick and vacation account balance into RHFP.
  • Police Union – Every officer is deferring 40 hours of sick pay with the employer contributing an additional lump sum of $750 per year. In addition, the officer receives 100% for every accumulated sick and vacation hour that is unused up to 1000 hours.
  • Fire Union – When sick day bank accumulates over 318 hours to finish the year, all hours over 318 are deposited into the VEBA at 100% of value. Upon retirement, all accumulated sick day and vacation time is automatically deposited into the VEBA within 30 days of retirement. In a subsequent contract, the bargaining unit added a contribution of 1% of pay.
  • IBEW Local has negotiated a 3% employer contribution on gross wages into RHFP.
  • IBEW Local is mandating that each member defer 5 cents an hour into RHFP.