Unspent Reserve Funds. Any unspent funds in the health fund (after all of the prior year’s costs have been covered) shall remain as an ending balance in the fund and carried over as a beginning balance to the next calendar year, except that any funds in excess of $100,000,000 in the current year shall be returned to the District’s General Fund or as a credit to the District’s contribution amount for the following year. Such Plan funds are referred to herein as the “reserve fund,” the “reserve account,” the “carryover balance(s),” or the “beginning balance(s).” Such a balance is one- time money, (meaning that reserves that are spent are not replenished as part of the annual budget) that shall only be used to offset increases in benefits costs if, needed. Conversely, if actual costs for any given year exceed the District’s defined total aggregate contribution and the reserve fund and the District is required to contribute more funds than its defined total aggregate contribution, such additional funds shall be deducted from the District’s contribution obligation for the following year.
Unspent Reserve Funds. Any unspent funds in the health fund (after all of the prior year’s costs have been covered) shall remain as an ending balance in the fund and carried over as a beginning balance to the next calendar year. Such Plan funds are referred to herein as the “reserve fund,” the “reserve account,” the “carryover balance(s),” or the “beginning balance(s).” Such a balance shall only be used to offset increases in benefits costs if the required District contribution for a subsequent plan year is insufficient to cover the aggregate cost increase for that Plan year.
Unspent Reserve Funds. Any unspent funds in the health fund (after all of the prior year’s costs have been covered) shall remain as an ending balance in the fund and carried over as a beginning balance to the next calendar year. Such Plan funds are referred to herein as the “reserve fund,” the “reserve account,” the “carryover balance(s),” or the “beginning balance(s).” Such a balance is one-time money that shall only be used to offset increases in benefits costs if, needed. Conversely, if actual costs for any given year exceed the District’s defined total aggregate contribution, such amount shall be deducted from the District’s contribution obligation for the following year.
