Option No. 2 to Choose A Medical Insurance Option and Use Remaining FBP Credits For Other Benefits Sample Clauses

Option No. 2 to Choose A Medical Insurance Option and Use Remaining FBP Credits For Other Benefits. But Take No Cash-Back All eligible employees hired on or after July 1, 2021, who choose a medical insurance option, will have the following Flex Credits available. Once the employee selects a medical plan offered under the FBP for Employee Only or for one of the Employee- Plus tiers below, the employee may use the remaining Flex Credits for other insurance plans offered under the FBP (life, dental, vision), or to fund a flexible spending account (FSA) for dental/medical/vision reimbursements or child/dependent care. However, no FBP credits remaining may be deposited to their 401(k) account or be taken as cash-back. An eligible employee who has other medical coverage outside the FBP may still select the lowest cost Employee Only medical insurance option and then use the remaining Flex Credits for other benefits but no cash-back. Effective July 1, 2021, or the first full pay period following City Council approval of this MOU, whichever date is later. Police Unit and Police Management Employee Only $7,600 Employee and Children $13,500 Employee and Spouse/Domestic Partner $15,000 Family $19,000 For employees hired on or after July 1, 2021, only Eligible Employees who elected the “Waiver” under the Option No. 1 “opt-out arrangement” can receive FBP credits in cash-back payments. Any unused Flex Credits will be forfeited at year-end and cannot be carried over from year-to-year.
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Related to Option No. 2 to Choose A Medical Insurance Option and Use Remaining FBP Credits For Other Benefits

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