IRS Code Section 125 Flexible Benefits/Cafeteria Plan. 1. The City shall provide for unit members an IRS Code Section 125 Flexible Benefits/Cafeteria Plan in accordance with all applicable state and federal laws and regulations.
2. The City shall contribute towards the PEMHCA medical, dental and vision care plan amounts allocated in accordance with the City's IRS Code Section 125 Flexible Benefits/Cafeteria Plan as specified below.
3. The City shall allocate specified amounts of "Flex Credits" to the employee's flexible benefit account. These amounts shall consist of the following:
a. The City will contribute a dollar amount towards medical insurance, based on PEMHCA’s Platinum medical plan, for Calendar year 2022.
b. For Calendar Year 2023, the City will increase its contribution by the actual increase or an amount not to exceed 10%.
c. An amount equivalent to the City’s contribution towards dental insurance. The required contribution for employees electing dependent coverage in accordance with Section [E] below.
d. An amount equivalent to the City’s contribution towards vision insurance. The required contribution for employees electing dependent coverage in accordance with Section [E] below.
4. In the event that surplus Flex Credits are available, any Mid-Management Employee shall have the option to allocate such Flex Credits to one or more of the following:
a. Mid-Management Employees’ Flexible Spending Account.
x. Xxxx Individual Retirement Account (IRA).
c. ICMA or City-authorized 457 Deferred Compensation Plan. If an Association Employee’s residual “Flex Credits” are reduced, the employee will have the responsibility to pay the contribution no longer covered by the Surplus Flex Credits.
5. Employees who waive either dental and/or vision coverage shall have the option to apply available flex credits towards the cost of any optional premium listed in the respective sections below. The cost of the optional premium not covered by available flex credits shall remain the employee’s responsibility.
6. Employees who elect to waive any or all health coverage shall be subject to the terms and provisions described under Section [J] below.
IRS Code Section 125 Flexible Benefits/Cafeteria Plan.
1. The City shall provide for unit members an IRS Code Section 125 Flexible Benefits/Cafeteria Plan in accordance with all applicable state and federal laws and regulations.
2. The City shall contribute towards the PEMHCA medical, dental and vision care plan amounts allocated in accordance with the City's IRS Code Section 125 Flexible Benefits/Cafeteria Plan as specified below.
3. The City shall allocate specific amounts of “Flex Credits” to the employee’s flexible benefit accounts. These amounts shall consist of the following:
a. For Calendar Year 2024: The City will continue to contribute a dollar amount towards monthly medical insurance premiums at the following levels: Employee Only $1,278.98 Employee Plus One $2,557.96 Employee Plus Family $3,325.36
b. For Calendar Year 2025: The City will increase its contribution by the actual increase to the PERS Platinum plan or an amount not to exceed five percent (5.00%)
c. An amount equivalent to the City's contribution towards dental insurance. The required contribution for employees electing dependent coverage in accordance with Section [E].
d. An amount equivalent to the City's contribution towards vision insurance. The required contribution for employees electing dependent coverage in accordance with Section [E].
4. In the event that surplus Flex Credits are available, all Union Employees shall have the option to allocate such Flex Credits to one or more of the following:
a. Union Employees' Flexible Spending Account.
x. Xxxx Individual Retirement Account (IRA).
c. ICMA or City-authorized 457 Deferred Compensation Plan. If a Union Employee's residual "Flex Credits" are reduced, the employee will have the responsibility to pay the contribution no longer covered by the Surplus Flex Credits.
5. Employees who waive either dental and/or vision coverage shall have the option to apply available flex credits towards the cost of any optional premium listed in the respective sections below. The cost of the optional premium not covered by available flex credits shall remain the employee's responsibility.
6. Employees who elect to waive any or all health coverage shall be subject to the terms and provisions described under Section [J] below.
IRS Code Section 125 Flexible Benefits/Cafeteria Plan. 1. The City shall provide for unit members an IRS Code Section 125 Flexible Benefits/Cafeteria Plan in accordance with all applicable state and federal laws and regulations.
2. The City shall contribute towards the PEMHCA medical, dental and vision care plan amounts allocated in accordance with the City's IRS Code Section 125 Flexible Benefits/Cafeteria Plan as specified below.
3. The City shall allocate specified amounts of "Flex Credits" to the employee's flexible benefit account. These amounts shall consist of the following:
A. The City will contribute a dollar amount towards medical insurance, based on PEMHCA’s Platinum plan for Calendar Year 2022
B. For Calendar Year 2023, the City will increase its contribution by the actual increase or an amount not to exceed 10%.
IRS Code Section 125 Flexible Benefits/Cafeteria Plan. 1. The City shall provide for unit members an IRS Code Section 125 Flexible Benefits/Cafeteria Plan in accordance with all applicable state and federal laws and regulations.
2. The City shall contribute towards the PEMHCA medical, dental and vision care plan amounts allocated in accordance with the City's IRS Code Section 125 Flexible Benefits/Cafeteria Plan as specified below.
3. The City shall allocate specified amounts of "Flex Credits" to the employee's flexible benefit account. These amounts shall consist of the following:
A. The City will contribute a dollar amount towards medical insurance, based on PERS Platinum medical plan for Calendar Year 2022.
B. For Calendar Year 2023, the City will increase its contribution by the actual increase or an amount not to exceed 10%.
C. Based on the calculations above, the City will continue to contribute a dollar amount towards monthly medical insurance premiums at the following levels: Employee Only $1,162.71 Employee Plus One $2,325.42 Employee Plus Family $3,023.05
D. An amount equivalent to the City’s contribution towards dental insurance. The required contribution for employees electing dependent coverage in accordance with Section [E] below shall be excluded from this total.
