Retiree Health Spending Account Sample Clauses

Retiree Health Spending Account. (RHSA) will be credited as follows: - The Retiree health Spending Account (RHSA) will be credited with $727.79 per year for AMHSSE members who retire on or after January 1, 2017. The RHSA will be indexed by 2.5% on January 1 of each year.
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Retiree Health Spending Account. For members retiring on an unreduced pension, the Board shall, consistent with the rules and regulations for health care spending accounts, provide for a health care spending account in the amount of $2,250 annually commencing at age 65 and ending at age 72 and administered by the Board’s benefits insurer in a manner similar to the health care spending account for active members. This amount shall be provided on a “per member” basis regardless of the member’s family status and be available exclusively for reimbursement of eligible health care expenses, as defined by the Income Tax Act, of the retired member and/or of an eligible spouse. The annual amount shall be prorated on a calendar year basis in the first and final years of entitlement. Spousal coverage ceases when a member reaches the age of 72 or dies. Effective January 1, 2018, coverage for a member or eligible spouse ceases when the member reaches the age of 74 or dies. (2017)
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Retiree Health Spending Account. (RHSA) will be credited as follows: - The Retiree health Spending Account (RHSA) will be credited with $823.42 per year for CUPE Local 998 members who retire on or after January 1, 2022. The RHSA will be indexed by 2.5% on January 1 of each year. Benefit Credit Purchase
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Retiree Health Spending Account. For members retiring on an unreduced pension, the Board shall, consistent with the rules and regulations for health care spending accounts, provide for a health care spending account in the amount of $2,250 annually commencing at age 65 and ending at age 75 and administered by the Board’s benefits insurer in a manner similar to the health care spending account for active members. This amount shall be provided on a “per member” basis regardless of the member’s family status and be available exclusively for reimbursement of eligible health care expenses, as defined by the Income Tax Act, of the retired member and/or of an eligible spouse. The annual amount shall be prorated on a calendar year basis in the first and final years of entitlement. Spousal coverage ceases when a member reaches the age of 75 or dies. For members retiring on an unreduced pension on or after January 1, 2020, the annual amount is increased to $2,500 effective January 1, 2021. (2020)
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Related to Retiree Health Spending Account

  • 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.

  • 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 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 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.

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

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