Right to Transfer Dependent Care Flexible Spending Accounts Sample Clauses

Right to Transfer Dependent Care Flexible Spending Accounts. The Plan Administrator shall have the right to transfer the Dependent Care Flexible Spending Accounts of Participants in the Plan in connection with a merger, acquisition, spinoff, reorganization, stock sale, asset sale, or similar transaction to a plan maintained by the transferee, provided the transferee’s plan (1) provides that the transferred Participants who elected to participate in the Plan’s Dependent Care Flexible Spending Account become participants in the transferee plan as of the beginning of the Plan Year and at the level of coverage provided under the Plan’s Dependent Care Flexible Spending Account and (2) provides for reimbursement of Dependent Care Expenses incurred by such a transferred Participant at any time during the Plan Year (including claims incurred before the transaction) through the remainder of the plan year for the transferee plan up to the total amount of the Participant’s contributions under the Plan’s Dependent Care Flexible Spending Account and the transferee Plan’s dependent care assistance program reduced by amounts reimbursed by the Plan’s Dependent Care Flexible Spending Account and the transferee plan’s dependent care assistance program, as a result of which Dependent Care Expenses incurred prior to the effective date of the transaction but not previously reimbursed as well as Dependent Care Expenses incurred after the effective date of the transaction are reimbursable under the transferee plan’s dependent care assistance program. In connection therewith, transferred Participants shall cease to be eligible for Dependent Care Expense reimbursements under the Plan as of the effective date of the transaction. The Plan Administrator shall further have the right to transfer the Dependent Care Flexible Spending Accounts of Participants in connection with the aforementioned transactions at the end of the Plan Year, provided the transferee’s plan reimburses the Participants for eligible Dependent Care Expenses on the same basis and the same terms and conditions as under the Plan.
Sample 1
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Related to Right to Transfer Dependent Care Flexible Spending Accounts

  • 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 Spending Account The parties agree that the State shall have the right to use State Employee Health Plan funds to cover the administrative costs of operating the medical and dependent care flexible spending account programs.

  • Flexible Spending Account (FSA) Beginning January 1, 1993, an employee may designate an amount per year to be placed into the employee’s Flexible Spending Account (as defined in Section 125 of the Internal Revenue Code as amended from time to time). The amounts in the account may be used to reimburse the employee for uncovered medical expenses. Amounts placed in the account are not subject to federal, state and Social Security (FICA) taxes. Reports of earnings to MTRFA and pension deductions will be based on gross earnings.

  • 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.

  • DEPENDENT CARE REIMBURSEMENT ACCOUNT During the term of this MOU, Management agrees to maintain a Dependent Care Reimbursement Account (DCRA), qualified under Section 129 of the Internal Revenue Code, for active employees who are members of LACERS, provided that sufficient enrollment is maintained to continue to make the account available. Enrollment in the DCRA is at the discretion of each employee. All contributions into the DCRA and related administrative fees shall be paid by employees who are enrolled in the plan. As a qualified Section 129 Plan, the DCRA shall be administered according to the rules and regulations specified for such plans by the Internal Revenue Service.

  • 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.

  • Dependent Care Expense Account The Employer agrees to provide insurance eligible employees with the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by law or regulation.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

  • Dependent Care Assistance Program The County offers the option of enrolling in a Dependent Care Assistance Program (DCAP) designed to qualify for tax savings under Section 129 of the Internal Revenue Code, but such savings are not guaranteed. The program allows employees to set aside up to five thousand dollars ($5,000) of annual salary (before taxes) per calendar year to pay for eligible dependent care (child and elder care) expenses. Any unused balance is forfeited and cannot be recovered by the employee.

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