Flexible Spending. Accounts will remain on the calendar year and will continue to have their open enrollment in November. In the initial transition year, the deductibles and out-of-pocket maximums that have accrued during the “short” plan year shall carry over for the first plan year based on the fiscal calendar. The accrued deductible and out-of-pocket maximum then shall reset back to zero on July 1, 2017. The District Annual Maximum (DAM) shall be converted to the fiscal year by taking the arithmetic average of the DAM for 2016 and 2017 calendar years. Example: 2016-2017 DAM = [(2016 DAM) + (2017 DAM)]/2 Effective July 1, 2017 the DAM will increase each July 1 by 3.5%.
Appears in 6 contracts
Samples: Agreement, Provisions of Agreement, Provisions of Agreement
