Flexible Benefit and Health Reimbursement Accounts Sample Clauses

Flexible Benefit and Health Reimbursement Accounts. As soon as reasonably practicable following the later of the Closing Date or the last day of any applicable continued participation under the Transition Services Agreement (such date shall constitute the “Flex Transfer Effective Date”), the Transferred Employees’ health-care and dependent-care flexible spending accounts and health reimbursement accounts under Seller’s flexible spending account plan (“Seller Flex Plan”) shall be spun-off and transferred to a flexible spending account plan sponsored by Purchaser or its Affiliates (“Purchaser Flex Plan”). The Purchaser Flex Plan shall be responsible after the Flex Transfer Effective Date for reimbursement of eligible health-care and dependent-care claims incurred in the plan year in which the Flex Transfer Effective Date occurs by Transferred Employees (and their spouses and dependents), to the extent not previously reimbursed by the Seller Flex Plan. To the extent that the amount of the net aggregate flexible spending account balances for Transferred Employees as of the Closing Date is positive, such amount will increase the amount of Indebtedness under this Agreement. To the extent that the amount of the net aggregate flexible spending account balances for Transferred Employees as of the Closing Date is negative, such amount will decrease the amount of Indebtedness under this Agreement. In addition, (i) to the extent that Seller has received, prior to the Closing Date, requests under Seller’s health reimbursement account plan for reimbursement of eligible health-care expenses incurred by Transferred Employees or their covered spouses or dependents during the plan year in which the Closing Date occurs and such plan has not reimbursed Transferred Employees (or their covered spouses or dependents) prior to Closing Date, Indebtedness shall be increased by the amount of such requests), and (ii) to the extent that (A) the net aggregate amount of eligible health-care and dependent-care expenses incurred by Transferred Employees or their covered spouses or dependents reimbursed by Purchaser or its Affiliates in respect of the plan year in which the Closing Date occurs is less than (B) the amount of the net aggregate flexible spending account balances for the Transferred Employees that increases Indebtedness in accordance with this Section 5.5(l), a pro-rata portion of such shortfall will decrease the amount of Indebtedness under this Agreement (after having previously increased Indebtedness by the full amount of th...
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Related to Flexible Benefit and Health Reimbursement Accounts

  • Flexible Benefits Insurance Program

  • Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.

  • Flexible Benefits Plan A flexible benefits plan, which is in accordance with Section 125 of the Internal Revenue Code, was implemented for eligible employees covered by this Agreement on October 1, 1990.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

  • Flexible Benefit Plan The Board shall provide the following flexible benefit plan to employees who are paid more than twenty (20) hours per week. All employee benefits plans provided by the Board under this Article shall have plan years based on the calendar year. No Coverage - Employees who produce proof of other medical insurance coverage may elect no coverage. Those electing no coverage as of June 30, 2001, will receive a cash "buy-out" equal to 40% of the annual premium for the “Point-of-Service Plan Individual Coverage” up to $1,220.44 per year. Any employee receiving a cash “buy-out” who elects coverage on or after July 1, 2001will no longer be eligible to receive the cash “buy-out” at a later date. DENTAL Traditional - See Traditional Dental Chart below. No Coverage - Employees may elect no coverage. Those electing no coverage as of June 30, 2001, will receive a cash "buy-out" equal to 40% of the annual premium for "Traditional Individual Coverage” up to $89.70 per year. Any employee receiving a cash “buy-out” who elects coverage on or after July 1, 2001, will no longer be eligible to receive the cash “buy-out” at a later date. TRADITIONAL DENTAL NO DEDUCTIBLE 100%** Emergency treatment Oral examinations X-Rays Teeth cleaning Fluoride treatments for children to age 19 Space maintainers Preventative Services PER PERSON PER CALENDAR YEAR DEDUCTIBLE* 80%** Laboratory tests Fillings Amalgam Silicate Acrylic Root canal Repair and maintenance of bridgework and dentures Periodontal services Extractions and other oral surgery Anesthesia Basic Services PER PERSON PER CALENDAR YEAR DEDUCTIBLE* 50%** Gold and porcelain fillings and crowns Installation of bridgework and crowns Orthodontia (subject to separate $2,500 lifetime maximum per person) – Effective January 1, 2017 Major Services $1,500 Per Person - Calendar Year Maximum** $2,000 Per Person – Calendar Year Maximum** (Effective January 1, 2017) * $50 per person; $150 - Family maximum - when three (3) Family Members have each met the $50 Deductible - See the Schedule of Insurance. **Paid by Traditional Dental.

  • Health Care Spending Account After six (6) months of permanent employment, full time and part time (20/40 or greater) employees may elect to participate in a Health Care Spending Account (HCSA) Program designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but such savings are not guaranteed. The HCSA Program allows employees to set aside a predetermined amount of money from their pay, not to exceed the maximum amount authorized by federal law, per calendar year, of before tax dollars, for health care expenses not reimbursed by any other health benefit plans. HCSA dollars may be expended on any eligible medical expenses allowed by Internal Revenue Code Section 125. Any unused balance is forfeited and cannot be recovered by the employee.

  • Extended Health Care Benefits 12.02(a) The City will provide for all employees by contract through an insurer selected by the City an Extended Health Care Plan which will provide extended health care benefits. The City shall pay one hundred per cent (100%) of the premiums, which will include any premiums payable under The Health Insurance Act, R.S.O. 1990, as amended. Eligible Expenses (Benefit year January 1 – December 31)

  • Health Promotion and Health Education Both parties to this Agreement recognize the value and importance of health promotion and health education programs. Such programs can assist employees and their dependents to maintain and enhance their health, and to make appropriate use of the health care system. To work toward these goals:

  • HEALTH CARE PLANS ‌ Notwithstanding the references to the Pacific Blue Cross Plans in this article, the parties agree that Employers, who are not currently providing benefits under the Pacific Blue Cross Plans may continue to provide the benefits through another carrier providing that the overall level of benefits is comparable to the level of benefits under the Pacific Blue Cross Plans.

  • Health Care Benefits (a) Each regular full-time employee may elect coverage for himself and his eligible dependents* under one of the following health insurance plans:

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