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R2009-37 ADOPTING POST EMPLOYEMENT HEALTH PLAN
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R2009-37 ADOPTING POST EMPLOYEMENT HEALTH PLAN
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10/14/2015 2:06:27 PM
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Resolution/Ordinance
Res Ord Num
R2009-37
Res Ord Title
ADOPTING POST EMPLOYMENT HEALTH PLAN - NATIONWIDE RETIREMENT SOLUTIONS
Department
City Manager
Approved Date
4/6/2009
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i <br /> Withdrawals and Recurring Payments <br /> Withdrawals and Recuning Payments are made only for the purpose of reimbursement of post <br /> employment expenses for medical care (as defined in Section 213(d)(1) of the Code), including expenses <br /> for medical care premium payments or qualified medical expenses not covered by medical insurance or <br /> other such coverage. Withdrawals will be made for an amount of at least$100 per withdrawal. <br /> Withdrawals and Recurring Payments will be made from the Participant's account for the amount claimed <br /> until the account is exhausted. <br /> While Nationwide may be obligated to make variable Recurring Payments under the Contract, the <br /> amount of each such payment is not guaranteed. The dollar amount of variable payments will reflect <br /> investment gains and losses, investment income of the GPVA Series on which they are based, and the <br /> documented post employment expenses for medical care. <br /> Election <br /> On the date on which Recurring Payments commence in respect of a Participant, the number of <br /> Units appropriate to the election made will be canceled in any Series in the GPVA. <br /> Death of Participant <br /> Upon the death of a Participant, any accumulation units remaining in the Participant's account <br /> shall be used for the reimbursement of post employment medical expenses for recurring medical care <br /> premium payments or non-recurring qualified medical expenses not covered by medical insurance for any <br /> Qualified Dependent. Such benefit payments will be made when due until the earlier of the date of the <br /> Participant's account is exhausted or the date the Participant's account is forfeited. <br /> At the election of the Owner, payments made under any option may be made on an annual, semi- <br /> annual, or quarterly basis rather than on a monthly basis. Any change in frequency of payments must be on <br /> the anniversary of the commencement of Recurring Payments. <br /> Substitution of Funds <br /> Nationwide reserves the right to substitute shares of another Fund for Fund shares already <br /> purchased or to be purchased in the future by Deposits under the Contract upon reasonable notice to the <br /> Owners and Participants, provided that any such substitution shall be consistent with the purposes of the <br /> Contract as deternuned by Nationwide. <br /> 7 <br />
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