Common use of HSA Clause in Contracts

HSA. The Board shall provide each eligible teacher with the option of forgoing a portion of his or her gross compensation to the maximum amount allowed under the law, and having the amount of the forgone compensation credited to a “flexible spending account” (FSA) and/or HSA maintained as part of the plan. The plan amendment shall provide that each eligible teacher that participates in the plan shall be reimbursed for his or her uninsured medical and/or dependent care expenses from and to the extent of his or her respective FSA and/or HSA. The flexible spending arrangement described in this section and to form part of the plan shall be subject to all limitations, rules and regulations prescribed by Sections 105, 125 and 129 of the Internal Revenue code, and shall be subject to eligibility requirements, contribution limitations and other requirements and limitations established by the Board. The Board shall contribute two hundred thirty dollars ($230.00) in the 2010- 2011 school year and beginning in the 2011-2012 school year shall contribute four hundred dollars ($400.00) annually to each teacher’s FSA. In years where this contribution would cause the District to exceed the amount they may legally cover under PA 152 of 2011 as referenced in Section c, 1, a of this Article, or in years where an employer-funded HSA is being provided in lieu of the medical FSA, the district shall not be required to make this contribution to the medical FSA. The company shall provide teachers with the option of having up to two (2) debit cards (one for the teacher and one for his/her spouse) free of charge for use with the FSA and/or HSA. The company used to administer the FSA and/or HSA shall be mutually agreed to by the Association and the District.