Common use of Forfeiture of Unused Allocations Clause in Contracts

Forfeiture of Unused Allocations. To comply with the requirement of IRC Section 125, amounts remaining in either the dependent care or health care FSA at the end of each plan year will be forfeited if they are not used by March 15th of the following year or such other date as established by the Federal Government. In the event a teacher separates from employment during a plan year with a remaining balance in the FSA account(s), the teacher may continue to receive reimbursements from the account(s) through the end of that plan year.

Forfeiture of Unused Allocations. To comply with the requirement of IRC Section 125, amounts remaining in either the dependent care or health care FSA at the end of each plan year will be forfeited if they are not used by March 15th of the following year or such other date as established by the Federal Governmentforfeited. In the event a teacher separates from employment during a plan year with a remaining balance in the FSA account(s), the teacher may continue to receive reimbursements from the account(s) through the end of that plan year.

Forfeiture of Unused Allocations. To comply with the requirement of IRC Section 125, amounts remaining in either the dependent care or health care FSA at the end of each plan year will be forfeited if they are not used except as otherwise provided by March 15th of the following year or such other date as established by the Federal GovernmentIRC regulations. In the event a teacher separates from employment during a plan year with a remaining balance in the FSA account(s), the teacher may continue to receive reimbursements from the account(s) through the end of that plan year.