Option No. 2 to Choose Increased Medical Insurance for Employee. Plus Tiers and Not Take Any Cash-Back From FBP Credits During open enrollment, employees hired before July 1, 2021, who choose a medical insurance option and cover one or more dependents, will have the option to get more Flex Credits to cover themselves plus a spouse, domestic partner, children or family as follows: Effective the first full pay period following City Council approval of this MOU. Employee and Children $13,547 Employee and Spouse/Domestic Partner $13,528 Employee and Spouse/Domestic Partner and Children $13,874 Once an employee has selected one mandatory Life Insurance option and one of the above-described tiers for medical coverage, any remaining FBP credits may be used to pay for other FBP insurance offerings or to fund an FSA account for dental/medical/vision reimbursements or child/dependent care. However, no FBP Credits remaining after selecting required or optional coverages or funding FSA accounts may be deposited to their 401(k) account or be taken as cash-back.
