Common use of Significant Cost Changes Clause in Contracts

Significant Cost Changes. Notwithstanding paragraph 2.a. (regarding automatic changes), if the cost charged to a Participant for a Benefit Package Option significantly increases or significantly decreases during a Plan Year, the Administrator may offer the Participant an opportunity to make a corresponding change in his or her Benefit election under the Plan. Changes that may be made include commencing participation in the Plan for the Benefit Package Option with a decrease in cost or, in the case of an increase in cost, revoking an election for that coverage and, in lieu thereof, either receiving on a prospective basis coverage under another Benefit Package Option providing similar coverage or dropping coverage if no other Benefit Package Option providing similar coverage is available. For purposes of this Plan, the term “Benefit Package Option” means a qualified Benefit under Section 125(f) of the Code that is offer under the Plan, or an option for coverage under an underlying accident or health plan.