Medical Spending and Dependent Care Accounts Sample Clauses

Medical Spending and Dependent Care Accounts. The Medical Spending and Dependent Care account benefits will equal those benefits in effect on January 1, 2002 and will remain unchanged for the duration of this Agreement. Employees shall continue to be permitted to contribute up to $2,500 to the Medical Spending Account and $5,000 to the Dependent Care Account. If, during the term of this Agreement, the IRS increases the maximum annual amount that may be allocated to a tax deferred Dependent Care Flexible Spending Account, bargaining unit members will be eligible to contribute up to that new maximum as of the date the new maximum becomes effective. In the event that the new IRS approved maximum allowable amount becomes effective after the beginning of a plan year (currently a calendar year), the new maximum will become available to unit members at the beginning of the next plan year.
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Medical Spending and Dependent Care Accounts. The Medical Spending and Dependent Care account benefits will equal those benefits in effect on 15 Per Action taken on May 26, 2011, the County Council did not approve full funding for this provision. On that date, the Council adopted a different cost-sharing arrangement for bargaining unit employees to become effective on January 1, 2002 and will remain unchanged for the duration of this Agreement. Employees shall continue to be permitted to contribute up to $2,500 to the Medical Spending Account and $5,000 to the Dependent Care Account. If, during the term of this Agreement, the IRS increases the maximum annual amount that may be allocated to a tax deferred Dependent Care Flexible Spending Account, bargaining unit members will be eligible to contribute up to that new maximum as of the date the new maximum becomes effective. In the event that the new IRS approved maximum allowable amount becomes effective after the beginning of a plan year (currently a calendar year), the new maximum will become available to unit members at the beginning of the next plan year.

Related to Medical Spending and Dependent Care Accounts

  • 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.

  • DEPENDENT CARE REIMBURSEMENT ACCOUNT During the term of this MOU, Management agrees to maintain a Dependent Care Reimbursement Account (DCRA), qualified under Section 129 of the Internal Revenue Code, for active employees who are members of LACERS, provided that sufficient enrollment is maintained to continue to make the account available. Enrollment in the DCRA is at the discretion of each employee. All contributions into the DCRA and related administrative fees shall be paid by employees who are enrolled in the plan. As a qualified Section 129 Plan, the DCRA shall be administered according to the rules and regulations specified for such plans by the Internal Revenue Service.

  • 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.

  • Dental Care Plan The Welfare Plan will include a Dental Care Plan which will reimburse members for expenses incurred in respect of the coverages summarized in Appendix "1". The Plan will not duplicate benefits provided now or which may be provided in the future by any government program.

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