Reimbursement Accounts. The College agrees to implement under IRS Code 125 a Reimbursement Account Plan for bargaining unit members to pay for medically necessary and doctor prescribed health services, and for dependent care services that are not covered under current insurance plans.
Reimbursement Accounts. 6.7 Release............................................................................... 7.18.9(iii) Report................................................................................ 5.1.2
Reimbursement Accounts. The City will offer to full-time employees the opportunity to setup a pre-tax flexible spending account (FSA) and/or dependent care account (DCA) as allowed under IRS Section 125. Details regarding these programs will be available during the open enrollment period.
Reimbursement Accounts. Reimbursement accounts offer a tax effective way to pay certain healthcare and dependent care expenses. Two types of reimbursement accounts are available to all employees: Healthcare reimbursement account (maximum annual contribution $2,500) Dependent care reimbursement account (maximum annual contribution – the lesser of the follows: o $5,000 if you are married and file joint tax returns, or if you are single, o $2,500 if you are married and file separately, or o The lower of you and your spouse’s income These deductions shall be prorated for employees who are employed for less than a full calendar year.
Reimbursement Accounts. The following accounts will be made available to all eligible employees on a voluntary basis: Section 106 – pre-tax premiums Section 105 – Unreimbursed medical/dental/vision/hearing expenses Section 125 – Flexible Spending Accounts Section 129 – Dependent care expenses
Reimbursement Accounts. The employee may elect to set aside pre-tax medical and/or dependent care expenses in accordance with the IRS Section 125 Plan document.
Reimbursement Accounts. The College shall provide to members of the bargaining unit the same reimbursement accounts as provided to other full-time employees of the College. Those currently in effect are:
Reimbursement Accounts. Reimbursement accounts offer a tax-effective way to pay certain healthcare and dependant care expenses. Two types of reimbursement accounts are available to all employees: • Healthcare reimbursement account (Maximum annual contribution $2,500) • Dependent care reimbursement account (Maximum annual contribution – the lesser of the following: • $5,000 if you are married and file joint tax returns, or if you are single, • $2,500 if you are married and file separately, or • The lower of your and your spouse’s income These deductions shall be prorated for employees who are employed for less than a full calendar year.
Reimbursement Accounts. Reimbursement accounts help you save taxes and meet certain eligible expenses at the same time. If you elect to participate in one or both reimbursement accounts, contributions are deducted in equal amounts from your pay throughout the year. Contributions are made on a pre-tax basis, that is, before Social Security, federal income tax and, in most cases, state and local income taxes are withheld The Health Care Reimbursement Account (HCRA) covers eligible medical expenses, and the Dependent Care Reimbursement Account (DCRA) covers eligible dependent care expenses. The annual limit for HCRA deductions is $2,500/person and $5,000 for DCRA. Please note: If you enroll in the HSA high deductible medical plan, you cannot participate in HCRA. However, you can enroll in DCRA.
Reimbursement Accounts. Seller shall cause the transfer from its ---------------------- medical and dependent care expense reimbursement account plans or VEBA trust, as applicable, to Buyer's medical and dependent care expense reimbursement account plans or VEBA trust, as applicable, the respective account balances of the Transferred Employees, and the obligations of Seller's reimbursement account plans or VEBA trust, as applicable, to provide benefits to the Transferred Employees with respect to the transferred account balances will be Assumed Liabilities. Buyer's medical and dependent care expense reimbursement account plans shall permit, effective as of the Closing Date, Transferred Employees to continue their payroll deductions previously elected under Seller's medical and dependent care expense reimbursement account plans. As soon as practicable after December 31, 1997, Buyer shall reimburse Seller for benefits paid by Seller prior to the Closing Date under the medical reimbursement account of each Transferred Employee in excess of contributions received from such Transferred Employee prior to the Closing Date but only to the extent that such Transferred Employee continues to contribute to Buyer's medical reimbursement account plan after the Closing Date.
