Common use of Forfeiture of Funds Clause in Contracts

Forfeiture of Funds. 31 If an employee does not use all funds in his/her flexible spending account during 32 the benefit year (July 1 through June 30), those funds remaining in a flexible 33 spending account must be forfeited in accordance with current tax laws. In the 34 event that there are funds in employees’ flexible spending accounts after the end 35 of the benefit year, those funds will be forfeited and applied toward the costs of 36 operating the plan.

Forfeiture of Funds. 31 If an employee does not use all funds in his/her flexible spending account during 32 34 the benefit year (July 1 through June 30), those funds remaining in a flexible 33 35 spending account must be forfeited in accordance with current tax laws. In the 34 36 event that there are funds in employees’ flexible spending accounts after the end 35 37 of the benefit year, those funds will be forfeited and applied toward the costs of 36 38 operating the plan.

Forfeiture of Funds. 31 If an employee does not use all funds in his/her flexible spending account during 32 the benefit year (July 1 through June 30), those funds remaining in a flexible 33 spending account must be forfeited in accordance with current tax laws. In the 34 event that there are funds in employees’ flexible spending accounts after the end 35 of the benefit year, those funds will be forfeited and applied toward the costs of 36 operating the plan.

Forfeiture of Funds. 31 12 If an employee does not use all funds in his/her flexible spending account during 32 13 the benefit year (July 1 through June 30), those funds remaining in a flexible 33 14 spending account must be forfeited in accordance with current tax laws. In the 34 15 event that there are funds in employees’ flexible spending accounts after the 16 end 35 of the benefit year, those funds will be forfeited and applied toward the 17 costs of 36 operating the plan.