Full Flex Cafeteria Plan. Effective January 1, 2010, the City implemented a Full Flex Cafeteria plan (known as the Flexible Benefits Plan) for active employees, in accordance with IRS Code Section 125. Active employees participating in the City’s Full Flex Cafeteria plan shall receive a monthly flex dollar allowance to purchase benefits under the plan. The monthly flex dollar allowance effective the paycheck of December 15, 2020 shall be: For employee only: $ 780.93 For employee and one dependent: $ 1,477.20 For employee and two or more dependents: $ 1,618.71 Flex dollar allowances shall increase on the December 15th paycheck of each subsequent year up to a maximum of three percent (3%) on an annual basis, based on but not to exceed the Kaiser Bay Area premium rate increase for the upcoming calendar year. The City shall contribute to the cost of medical coverage for each eligible employee and his/her dependents, an amount not to exceed the California Public Employees’ Medical and Hospital Care Act (PEMHCA) Minimum Employer contribution, as determined by CalPERS on an annual basis. This portion of the monthly flex dollar allowance is identified as the City’s contribution towards PEMHCA. The monthly flex dollar allowance (including the PEMHCA minimum contribution) may be used in accordance with the terms of the cafeteria plan to purchase health benefits or may be converted to taxable income. Conditional Opt-Out Payment: An employee may elect to waive the City’s health insurance coverage and receive a $300 monthly Opt-Out payment in accordance with the terms of the cafeteria plan and the Affordable Care Act if the employee complies with the following conditions:
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Samples: Letter Agreement, storage.googleapis.com
Full Flex Cafeteria Plan. Effective January 1, 2010, the City implemented a Full Flex Cafeteria plan (known as the Flexible Benefits Plan) for active employees, in accordance with IRS Code Section 125. Active employees participating in the City’s Full Flex Cafeteria plan shall receive a monthly flex dollar allowance to purchase benefits under the plan. The monthly flex dollar allowance effective the paycheck of December 15, 2020 2017 shall be: For employee only: $ 780.93 757.96 For employee and one dependent: $ 1,477.20 1,433.74 For employee and two or more dependents: $ 1,618.71 1,571.09 Flex dollar allowances shall increase on the December 15th paycheck of each subsequent year up to a maximum of three percent (3%) on an annual basis, based on but not to exceed the Kaiser Bay Area premium rate increase for the upcoming calendar year. The City shall contribute to the cost of medical coverage for each eligible employee and his/her dependents, an amount not to exceed the California Public Employees’ Medical and Hospital Care Act (PEMHCA) Minimum Employer contribution, as determined by CalPERS on an annual basis. This portion of the monthly flex dollar allowance is identified as the City’s contribution towards PEMHCA. The monthly flex dollar allowance (including the PEMHCA minimum contribution) may be used in accordance with the terms of the cafeteria plan to purchase health benefits or may be converted to taxable income. Conditional Opt-Out Payment: An employee may elect to waive the City’s health insurance coverage and receive a $300 monthly Opt-Out payment in accordance with the terms of the cafeteria plan and the Affordable Care Act if the employee complies with the following conditions:
Appears in 2 contracts
Full Flex Cafeteria Plan. Effective January 1, 2010, 2010 the City implemented a Full Flex Cafeteria full flex cafeteria plan (known as the Flexible Benefits Plan) for active employees, employees in accordance with IRS Code Section 125. Active employees participating in the City’s Full Flex Cafeteria plan shall receive a monthly flex dollar allowance to purchase benefits under the Full Flex Cafeteria plan. Effective July 1, 2016, the flex dollar allowance shall be $1,142 per month. The monthly flex dollar allowance effective the first paycheck of December 15, 2020 2017 shall be: For employee only: $ 780.93 733.39 For employee and one dependent: $ 1,477.20 1,173.42 For employee and two or more dependents: $ 1,618.71 1,525.45 Flex dollar allowances shall increase on the December 15th paycheck of each subsequent year up to a maximum of three percent (3%) on an annual basis, based on but not to exceed the Kaiser Bay Area Region premium rate increase for the upcoming calendar year. The City shall contribute to the cost of medical coverage for each eligible employee and his/her dependents, an amount not to exceed the California Public Employees’ Medical and Hospital Care Act (PEMHCA) Minimum Employer contribution, as determined by CalPERS on an annual basis. This portion of the monthly flex dollar allowance is identified as the City’s contribution towards PEMHCA. The monthly flex dollar allowance (including the PEMHCA minimum contribution) may be used in accordance with the terms of the cafeteria plan to purchase health benefits or may be converted to taxable income. Conditional Opt-Out out Payment: An employee may elect to waive the City’s health insurance coverage and receive a $300 monthly an Opt-Out out payment in accordance with the terms of the cafeteria plan plan, and the Affordable Care Act Act, if the employee complies with the following conditions:
Appears in 1 contract
Samples: storage.googleapis.com