RSA Component Sample Clauses

RSA Component. An eligible employee can elect to participate in the HSA component by electing to pay the contributions on a pre-tax salary or wage reduction basis to the employee's HSA established and maintained outside the Plan by a trustee-custodian to which the employer can forward contributions to be deposited. Such an election can be increased, decreased or revoked prospectively at any time during the Plan Year, effective no later than the first day of the next calendar month following the date that the election change was filed. The annual contribution for a participant's HSA is equal to the annual benefit amount elected by the Participant In no event shall the amount elected exceed the statutory maximum amount for HSA contributions applicable to the participant's high deductible health plan coverage option (i.e. single or family) for the calendar year in which the contribution is made. As of 2019, the statutory maximum contribution that can be deposited into the HSA is $3,500 for self, and $7,000 for families, with an additional $1,000 allowable for participants who are age 55 or older. Contact the Benefits Staff to find out the current year statutory maximum amounts or for specific details. Contact the Benefits Staff to find out the statutory maximum amounts that can be deposited into the HSA An additional catch-up contribution ($800 for 2007, increasing by $100 each year until $1,000 in 2009 and thereafter) may be made for participants who are age 55 or older. Contact the Benefits Staff for specific details.
Sample 1
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Related to RSA Component

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