Interest Free Loan. For the 2016 calendar year, the District will also make an interest-free loan available to each employee at the beginning of the calendar year in order to enable the employee to make an immediate HSA contribution so that they have sufficient funds in the employee’s HSA at the beginning of the plan year to satisfy the deductible. The loan shall be interest-free and shall be documented by an election form/loan agreement. In order to obtain the loan, each employee will be required to sign an election form and loan agreement under which the employee will agree to repay the loan amount by payroll deduction, and if there is an interruption in pay due to an unpaid leave or termination of employment, the employee shall further agree to otherwise timely repay the loan.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
