Formula for District Contribution to Employee Health Savings Accounts (HSA Sample Clauses

Formula for District Contribution to Employee Health Savings Accounts (HSA i. Determine the number of staff members enrolled in the PPO HSA 1300/0% insurance plan for the applicable plan year. (October 1 enrollment counts will be used for this purpose). ii. Use the illustrative rates from Blue Cross/Blue Shield of Michigan (BCBSM) for the applicable plan year and determine the cost of the PPO HSA 1300/0% plan. iii. Determine the “hard cap” amount for single, two persons and full family for the applicable plan year. (This amount was established by the Michigan legislature in 2011 and is to be adjusted annually by the State treasurer based on the change in the medical care component of the U.S. Consumer Price Index (CPI)). iv. Subtract the total BCBSM illustrative rates amount from the “hard cap” for the applicable plan year for single, two person and full family. These amounts represent the differential between the “hard cap” and the illustrative rates that are available to be used for the contribution to employee’s individual HSAs. (NOTE: If no amount is available, there will be no contribution to the individual HSAs.) v. Divide the differential by the number of employees to calculate the amount contributed to the HSA per employee. vi. See Appendix B for an example of the application of the formula.
Sample 1
AutoNDA by SimpleDocs
Formula for District Contribution to Employee Health Savings Accounts (HSA i. Determine the number of staff members enrolled in the PPO HSA 1250/0% insurance plan for the applicable plan year. (October 1 enrollment counts will be used for this purpose). ii. Use the illustrative rates from Blue Cross/Blue Shield of Michigan (BDBSM) for the applicable plan year and determine the cost of the PPO HSA 1250/0% plan. iii. Determine the “hard cap” amount for single, two persons and full family for the applicable plan year. (This amount was established by the Michigan legislature in 2011 and is to be adjusted annually by the State treasurer based on the change in the medical care component of the U.S. Consumer Price Index (CPI)). iv. Subtract the total BCBSM illustrative rates amount from the “hard cap” for the applicable plan year for single, two person and full family. These amounts represent the differential between the “hard cap” and the illustrative rates that are available to be used for the percentage contribution to employee’s individual HSAs. (NOTE: If no amount is available, there will be no contribution to the individual HSAs.) v. The percentage contribution to the individual HSAs will be determined as follows: a) Calculate total sum of HSA funding 1. Take the number of single subscribers x the respective differential (calculated in #iv above). 2. Take the number of two person subscribers x the respective differential (calculated in #iv above). 3. Take the number of full family subscribers x the respective differential (calculated in #iv above). 4. Take the sum of 1, 2, and 3. b) Calculate total employee deductible expense 1. Take the number of single subscribers x the deductible of $1250. 2. Take the number of two person and full family subscribers x the deductible of $2500. 3. Take the sum of 1 and 2. c) Divide (a) by (b) to calculate percent of deductible contributed to the HSA per employee. vi. See Appendix B for an example of the application of the formula.
Sample 1
Formula for District Contribution to Employee Health Savings Accounts (HSA i. Determine the number of staff members enrolled in the PPO HSA 1250/0% insurance plans for the applicable plan year. (Open enrollment counts will be used for this purpose). ii. Use the annual or illustrative rates for the applicable plan year and determine the cost of the plans. iii. Determine the “hard cap” amount for single, two persons and full family for the applicable plan year. . iv. Subtract the total annual cost or illustrative rates amount from the “hard cap” for the applicable plan year for single, two person and full family. These amounts represent the differential between the “hard cap” and the illustrative rates that are available to be used for the percentage contribution to employee’s individual HSAs. (NOTE: If no amount is available, there will be no contribution to the individual HSAs.) v. The percentage contribution to the individual HSAs will be determined as follows: a) Calculate total sum of HSA funding 1. Take the number of single subscribers’ x the respective differential (calculated in #IV above). 2. Take the number of two person subscribers x the respective differential (calculated in #IV above). 3. Take the number of full family subscribers x the respective differential (calculated in #IV above). 4. Take the sum of 1, 2, and 3. b) Calculate total employee deductible expense 1. Take the number of single subscribers’ x the deductible. 2. Take the number of two person and full family subscribers x the deductible. 3. Take the sum of 1 and 2. c) Divide (a) by (b) to calculate percent of deductible contributed to the HSA per employee. vi. See Appendix B for an example of the application of the formula.
Sample 1

Related to Formula for District Contribution to Employee Health Savings Accounts (HSA

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • District Contribution Effective January 1, 2019:

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • SAVINGS/FORCE MAJEURE A force majeure occurrence is an event or effect that cannot be reasonably anticipated or controlled. Force majeure includes, but is not limited to, acts of God, acts of war, acts of public enemies, strikes, fires, explosions, actions of the elements, floods, or other similar causes beyond the control of the Contractor or the Commissioner in the performance of the Contract which non- performance, by exercise of reasonable diligence, cannot be prevented. Contractor shall provide the Commissioner with written notice of any force majeure occurrence as soon as the delay is known. Neither the Contractor nor the Commissioner shall be liable to the other for any delay in or failure of performance under the Contract due to a force majeure occurrence. Any such delay in or failure of performance shall not constitute default or give rise to any liability for damages. The existence of such causes of such delay or failure shall extend the period for performance to such extent as determined by the Contractor and the Commissioner to be necessary to enable complete performance by the Contractor if reasonable diligence is exercised after the cause of delay or failure has been removed. Notwithstanding the above, at the discretion of the Commissioner where the delay or failure will significantly impair the value of the Contract to the State or to Authorized Users, the Commissioner may: a. Accept allocated performance or deliveries from the Contractor. The Contractor, however, hereby agrees to grant preferential treatment to Authorized Users with respect to Product subjected to allocation; and/or b. Purchase from other sources (without recourse to and by the Contractor for the costs and expenses thereof) to replace all or part of the Products which are the subject of the delay, which purchases may be deducted from the Contract quantities without penalty or liability to the State; or c. Terminate the Contract or the portion thereof which is subject to delays, and thereby discharge any unexecuted portion of the Contract or the relative part thereof.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • 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.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!