Common use of HSA Sick Leave Conversion Clause in Contracts

HSA Sick Leave Conversion. Effective December 1 of each calendar year, in lieu of the conversion option listed in Section 15.7.6, employees currently enrolled in the CDHP health insurance option who have opened a Health Savings Account (HSA), and who have more than 600 hours of accumulated sick leave, may elect to convert accumulated sick leave in excess of 600 hours into their HSA accounts. An employee who elects the HSA conversion option is excluded from the conversion option in Section 15.7.6. An employee may elect to convert any amount of sick leave hours, provided two requirements are satisfied: (1) the dollar value of the HSA contribution does not exceed the IRS maximum for HSA contributions in the calendar year (taking into consideration any contributions previously made in the calendar year); and (2) the employee maintains a balance of at least 600 hours in his/her sick leave bank after the conversion. The value of the sick leave conversion shall be based on the following:

HSA Sick Leave Conversion. Effective December 1 of each calendar year, in lieu of the conversion option options listed in Section 15.7.6Article 12.15, employees currently enrolled in the CDHP health insurance option who have opened a Health Savings Account (HSA), and who have more than 600 480 hours of accumulated sick leave, may elect to convert accumulated sick leave in excess of 600 480 hours into their HSA accounts. An employee who elects the HSA conversion option is excluded from the conversion option options in Section 15.7.6Article 12.15. An employee may elect to convert any amount of sick leave hours, provided two requirements are satisfied: (1) the dollar value of the HSA contribution does not exceed the IRS maximum for HSA contributions in the calendar year (taking into consideration any contributions previously made in the calendar year); and (2) the employee maintains a balance of at least 600 480 hours in his/her sick leave bank after the conversion. The value of the sick leave conversion shall be based on the following: