Common use of Flexible Spending Account (FSA) Clause in Contracts

Flexible Spending Account (FSA). All academic staff members who are eligible (as per Article 23.5. 2.1) for benefits shall receive credits in a Flexible Spending Account in order to support the benefit programs available to academic staff members. Effective January 1, 2018 academic staff members shall receive a credit of $900; Effective January 1, 2020 academic staff members shall receive a credit of $1,000. Once per year, prior to end of the last business day of November, academic staff members may direct the allocation of their FSA credits to one or both of the following: a) Health Care Spending Account or b) Personal Spending Account (taxable) Both accounts are subject to Canada Revenue Agency regulations. Should no election be made, all credits will default to the Health Care Spending Account. Subject to Canada Revenue Agency regulations, unused balances in the Health Care Spending Account shall be carried forward.

Flexible Spending Account (FSA). All academic staff members who are eligible (as per Article 23.523.3. 2.11.1) for benefits shall receive credits in a Flexible Spending Account in order to support the benefit programs available to academic staff members. Effective January 1, 2018 academic staff members shall receive a credit of $900; Effective January 1, 2020 academic staff members shall receive a credit of $1,000. Once per year, prior to end of the last business day of November, academic staff members may direct the allocation of their FSA credits to one or both of the following: a) Health Care Spending Account or b) Personal Spending Account (taxable) Both accounts are subject to Canada Revenue Agency regulations. Should no election be made, all credits will default to the Health Care Spending Account. Subject to Canada Revenue Agency regulations, unused balances in the Health Care Spending Account shall be carried forward.