Medical and Dependent Care Reimbursement Accounts Sample Clauses
Medical and Dependent Care Reimbursement Accounts. In order to enable employees to use pre-tax dollars to pay certain eligible family and health care expenses not covered by insurance, the Board agrees to make available a Medical Expense Reimbursement Account and a Dependent Care Reimbursement Account. Any start up cost shall be paid by the Board. Any administrative costs for individual accounts shall be paid by the participating teacher. Both accounts will be administered by the third party administrator mutually selected by the Board and the Association pursuant to a Section 125 (cafeteria) plan. The Medical Expense Reimbursement Plan and Dependent Care Reimbursement Plan will be established in conformity with the provisions of Section 125 of the Internal Revenue Code. The annual limits that a teacher may elect to contribute for the respective reimbursement plans are: Medical Reimbursement: Up to the amount stipulated by Section 125 of the Internal Revenue Code as amended Dependent Care: Up to $5,000 The Section 125 (cafeteria) plan will be provided annually during the same annual enrollment period for health insurance. During the first implementation year, the enrollment period shall be determined by the vendor for these accounts. Each employee will be notified of the opportunity to make changes in the amount of income that is to be deposited to either the Medical Expense Reimbursement Account (up to the maximum amount allowed under the Board’s plan document) or the Dependent Care Reimbursement Account. Any unused balance remaining in an employee’s account at the end of the plan year will be subject to the third party administrator’s rules and procedures. Pursuant to IRS requirements, the District has the financial obligation to cover the teacher’s designated annual medical reimbursement amount until the funds have been deducted from the teacher’s payroll. The parties agree that this obligation is not applicable to the Dependent Care Reimbursement Account.
Medical and Dependent Care Reimbursement Accounts. (1) The School Committee and the Association in an effort to reduce medical costs and dependent care costs have agreed to the following pre-tax program to provide such cost savings pursuant to I.R.S. rules and regulations:
a) A teacher may voluntarily deduct from his/her salary through payroll deduction on a pre-tax basis up to $2,500 annually to his/her medical reimbursement account and up to $5,000 annually to his/her dependent care account pursuant to procedure of the ▇▇▇▇▇▇ ▇▇▇▇ Flexible Benefits Plan.
b) The teacher shall be responsible for any monthly employee administrative fee charged on an after-tax basis.
c) If at the conclusion of the year any unexpended funds exist, those funds will be forfeited and placed in the HSD General Fund under Miscellaneous Revenue.
d) Participation under this program is irrevocable for the year, subject to a change in the family status such as marriage, divorce, death of spouse or child, birth of child or adoption, or termination.
Medical and Dependent Care Reimbursement Accounts. (1) he School Committee and the Association in an effort to reduce medical costs and dependent care costs have agreed to the following pre-tax program to provide such cost savings pursuant to I.R.S. rules and regulations:
a) An employee may voluntarily deduct from his/her salary through payroll deduction on a pre-tax basis up to the annual limit as set by the IRS towards their health care and/or dependent care account.
b) The employee shall be responsible for any monthly employee administrative fee charged on an after-tax basis.
c) If at the conclusion of the year any unexpended funds exist, those funds will be forfeited and placed in the HSD General Fund under Miscellaneous Revenue.
d) Participation under this program is irrevocable for the year, subject to a change in the family status such as marriage, divorce, death of spouse or child, birth of child or adoption, or termination.
Medical and Dependent Care Reimbursement Accounts. Food service employees shall be entitled to set aside pre-tax dollars in medical and dependent care reimbursement accounts to cover anticipated expenses, in accordance with the appropriate IRS codes under Section 125. The maximum yearly food service employee’s contribution to the medical accounts shall be $1,500, and $5,000 to the dependent account, although the amount may be changed by mutual agreement of the Board and the food service employee. The Board shall be responsible for paying only the first year set up fee, any employee presentation fees, and annual renewal fees for medical and dependent care reimbursement accounts. All other administrative fees shall be paid by the participants.
Medical and Dependent Care Reimbursement Accounts. Custodians shall be entitled to set aside pre-tax dollars in medical and dependent care reimbursement accounts to cover anticipated expenses, in accordance with the appropriate IRS codes under Section 125. The maximum yearly custodians’ contribution to the medical accounts shall be $1,500, and $5,000 to the dependent account, although the amount may be changed by mutual agreement of the Board and the custodians. The Board shall be responsible for paying only the first year set up fee, any employee presentation fees, and annual renewal fees for medical and dependent care reimbursement accounts. All other administrative fees shall be paid by the participants.