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 $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
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

Related to INDIVIDUAL FLEXIBLE BENEFIT CREDIT

  • FLEXIBLE BENEFITS PROGRAM 24-1 All employees covered by this agreement are eligible to participate in CMU Choices, the University's Flexible Benefit Program.

  • 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 Board shall provide the following flexible benefit plan to employees who are paid more than twenty (20) hours per week. All employee benefits plans provided by the Board under this Article shall have plan years based on the calendar year. No Coverage - Employees who produce proof of other medical insurance coverage may elect no coverage. Those electing no coverage as of June 30, 2001, will receive a cash "buy-out" equal to 40% of the annual premium for the “Point-of-Service Plan Individual Coverage” up to $1,220.44 per year. Any employee receiving a cash “buy-out” who elects coverage on or after July 1, 2001will no longer be eligible to receive the cash “buy-out” at a later date. DENTAL Traditional - See Traditional Dental Chart below. No Coverage - Employees may elect no coverage. Those electing no coverage as of June 30, 2001, will receive a cash "buy-out" equal to 40% of the annual premium for "Traditional Individual Coverage” up to $89.70 per year. Any employee receiving a cash “buy-out” who elects coverage on or after July 1, 2001, will no longer be eligible to receive the cash “buy-out” at a later date. TRADITIONAL DENTAL NO DEDUCTIBLE 100%** Emergency treatment Oral examinations X-Rays Teeth cleaning Fluoride treatments for children to age 19 Space maintainers Preventative Services PER PERSON PER CALENDAR YEAR DEDUCTIBLE* 80%** Laboratory tests Fillings Amalgam Silicate Acrylic Root canal Repair and maintenance of bridgework and dentures Periodontal services Extractions and other oral surgery Anesthesia Basic Services PER PERSON PER CALENDAR YEAR DEDUCTIBLE* 50%** Gold and porcelain fillings and crowns Installation of bridgework and crowns Orthodontia (subject to separate $2,500 lifetime maximum per person) – Effective January 1, 2017 Major Services $1,500 Per Person - Calendar Year Maximum** $2,000 Per Person – Calendar Year Maximum** (Effective January 1, 2017) * $50 per person; $150 - Family maximum - when three (3) Family Members have each met the $50 Deductible - See the Schedule of Insurance. **Paid by Traditional Dental.

  • 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. HOSPITAL means a facility: • 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 (FSA) Beginning January 1, 1993, an employee may designate an amount per year to be placed into the employee’s Flexible Spending Account (as defined in Section 125 of the Internal Revenue Code as amended from time to time). The amounts in the account may be used to reimburse the employee for uncovered medical expenses. Amounts placed in the account are not subject to federal, state and Social Security (FICA) taxes. Reports of earnings to MTRFA and pension deductions will be based on gross earnings.

  • 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.

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