FBP Options for Eligible Employees Hired Before July 1, 2020 Sample Clauses

FBP Options for Eligible Employees Hired Before July 1, 2020. 1. For eligible employees hired before July 1, 2020, total Flex Credits of $9,942 (Waiver) and $13,643 (Employee Only) are available with the customary cash-back option. These options allow the maximum cash-back opportunity for employees who waive medical insurance or cover only themselves. However, beginning July 1, 2020, there is also an option for employees who wish to cover a Spouse or Domestic Partner, Children or Family, where more Flex Credits will be available to them for these tiers of coverage but they will have no cash-back option and no amounts can be deposited into their 401(k) account. Eligible employees hired before July 1, 2020, may change the option they select (Option No. 1 – Cash-Back; Option No. 2 – No Cash- Back) from one fiscal year to the next at the time of open enrollment.
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Related to FBP Options for Eligible Employees Hired Before July 1, 2020

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