Retiree Health Spending Account Sample Clauses

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)
Sample 1Sample 2
AutoNDA by SimpleDocs
Retiree Health Spending Account. (RHSA) will be credited as follows:
Sample 1Sample 2
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)
Sample 1
Retiree Health Spending Account. (RHSA) will be credited as follows: Benefit Credit Purchase a) All employees (except term employees) working at least 50% of full time hours are eligible to participate in the Benefit Credits Program. b) Employees will receive 5 days of benefit credits which may then be allocated to the employee’s Health Spending Account or to vacation credits, or a combination of the two. Employees who elect to allocate all benefit credits to vacation will accrue vacation based on F2.3 of the collective agreement. This vacation must be used as specified in f) below. Employees who allocate some or all benefit credits to supplement their Health Spending Account will accrue vacation based on the table below. Accrual rates will be adjusted on the first pay period of the fiscal year following enrolment (i.e., the pay period which includes April 1). The lower accrual rate will be reflected in the employee’s vacation entitlement the following fiscal year. Vacation must be used as specified in f) below. c) Employees must enrol during a time period (enrolment window) specified and announced on an annual basis.
Sample 1

Related to Retiree Health Spending Account

  • 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.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

  • 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 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.

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • 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.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

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

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!