INDIVIDUAL FLEXIBLE BENEFIT CREDIT Sample Clauses

INDIVIDUAL FLEXIBLE BENEFIT CREDIT. The employer shall pay $1,000 per year as a credit to each employee for their individual flexible benefit credit. The individual benefit credit will provide flexibility to augment the existing benefit plan to suit the needs of each individual member of the bargaining unit. Each employee will have the flexibility to utilize their $1,000 credit on a “dollar for dollar” basis to add value and diversity to their benefit plan, where the individual feels the need may arise. This clause will be administered upon reimbursement of receipts submitted on an “as used” basis, to a maximum of $1,000.00 per year.
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INDIVIDUAL FLEXIBLE BENEFIT CREDIT. The Employer shall pay $700.00 per year as a credit to each employee for their Individual Flexible Benefit Credit. The Individual Flexible Benefit Credit will provide flexibility to augment the existing benefit plan to suit the needs of each individual member of the bargaining unit. Each employee will have the flexibility to utilize their $700.00 credit on a “dollar for dollar” basis to add value and diversity to their benefit plan, where the individual feels the need may arise.
Sample 1
INDIVIDUAL FLEXIBLE BENEFIT CREDIT. The employer shall pay $1,000 per year as a credit to each employee for their individual flexible benefit credit. The individual benefit credit will provide flexibility to augment the existing benefit plan to suit the needs of each individual member of the bargaining unit. Each employee will have the flexibility to utilize their $1,000 credit on a “dollar for dollar” basis to add value and diversity to their benefit plan, where the individual feels the need may arise. This clause will be administered upon reimbursement of receipts submitted on an “as used” basis. Employees shall be permitted to carry over unused monies up to a maximum of $2000.00 in any two (2) year period.
Sample 1

Related to INDIVIDUAL FLEXIBLE BENEFIT CREDIT

  • Flexible Benefits Plan A flexible benefits plan, which is in accordance with Section 125 of the Internal Revenue Code, was implemented for eligible employees covered by this Agreement on October 1, 1990.

  • Flexible Benefit Plan The District will maintain, at no cost to the employee, a flexible spending benefit plan pursuant to Section 125 of the Internal Revenue Code, with operating procedures determined by the District in accordance with IRS regulations. This plan may be used for favorable income tax treatment of the employee’s health and dental premium contributions, deductibles, co-insurance amounts, other unreimbursed medical expenses, and dependent care assistance.

  • Flexible Benefits Insurance Program

  • 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).

  • 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.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • Flexible Spending Account The parties agree that the State shall have the right to use State Employee Health Plan funds to cover the administrative costs of operating the medical and dependent care flexible spending account programs.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

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

  • Health Care Spending Account After six (6) months of permanent employment, full time and part time (20/40 or greater) employees may elect to participate in a Health Care Spending Account (HCSA) Program designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but such savings are not guaranteed. The HCSA Program allows employees to set aside a predetermined amount of money from their pay, not to exceed the maximum amount authorized by federal law, per calendar year, of before tax dollars, for health care expenses not reimbursed by any other health benefit plans. HCSA dollars may be expended on any eligible medical expenses allowed by Internal Revenue Code Section 125. Any unused balance is forfeited and cannot be recovered by the employee.

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