Dependent Care Advantage Account Sample Clauses

Dependent Care Advantage Account. Part-time employees may elect to participate in the Dependent Care Advantage Account, a pre-tax savings plan for expenses related to childcare, elder care, or disabled dependent care. Participants are eligible for an employer contribution ranging from $300-$800, depending on annual salary. [Contract Article 46;
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Dependent Care Advantage Account. (a) The Dependent Care Advantage Account (DCAA) shall be available to employees who receive regular, biweekly paychecks from the Office of the State Comptroller. (b) The State shall provide a contribution of $600 per eligible DCAA enrollee subject to appropriations contained in Article 5.15 and IRS Rules and Regulations. In subsequent years, the employer contribution may be increased or reduced so as to fully expend available funds for this purpose. In no event shall the aggregate employer contribution exceed the amounts provided for this purpose. (c) There shall be an allocation from the appropriation in Article 5.15 for the purpose of funding the DCAA contribution which shall expire July 1, 2023.
Sample 1

Related to Dependent Care Advantage Account

  • 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.

  • 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.

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