Section 125 Cafeteria Plan Components and City Contribution Increases Sample Clauses

Section 125 Cafeteria Plan Components and City Contribution Increases. A. The City will continue to provide a Cafeteria Benefits plan, subject to the requirements and availability of Internal Revenue Code Section 125, allowing employees to use pre-tax compensation for PEMHCA medical premiums, eligible dependent care expenses, eligible uninsured medical expenses, or a combination thereof. B. The City shall contribute each month up to the amounts listed below, based on the employee’s level of medical plan enrollment, but not exceeding the amount charged for the plan in which the employee has enrolled, to each active employee’s section 125 Plan account. Level of Medical Plan Enrolment Amount of Monthly City Contribution Effective January 1, 2021 No Plan (Opt out)* $943.12 Employee Only $943.12 Employee + One $1,605.56 Employee + Two or more $1,939.96 Effective January 1, 2022 the City will increase the above contribution amounts. The increase will be a percentage that reflects that portion of the average January 1, 2022 combined percentage premium increase at all levels of plan enrollment for the City’s current miscellaneous employee PEMHCA plans (offered within San Mateo County) that exceeds two percent (2%). For example, if the combined average increase is seven percent (7%), the City’s contribution will increase by five percent (5%). Effective January 1, 2023 the City will increase the 2022 amounts. The increase will be a percentage that reflects that portion of the average January 1, 2023 combined percentage premium increase at all levels of plan enrollment for the City’s current miscellaneous employee PEMCHA plans (offered within San Mateo County) that exceeds two percent (2%). For example, if the combined average increase is seven percent (7%), the City’s contribution will increase by five percent (5%). *An employee may elect to opt out of medical insurance coverage only in accordance with sub-section 9.5 below. The amount shown in this table is the amount resulting from such election. C. Any amount remaining after the Employee has designated the portions of his or her 125 plan contribution amount for the purposes described in subsection 9.2.A above will be deemed forfeited. D. Procedures for the administration of the Section 125 Plan shall be determined by City of San Xxxxxx - AFSCME 829 2021-2023 Memorandum of Understanding the City. The City shall assume the administrative cost for the Plan.
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Related to Section 125 Cafeteria Plan Components and City Contribution Increases

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Contribution Formula Dental Coverage Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2006, and January 1, 2007, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • COSTS DISTRIBUTED THROUGH COUNTYWIDE COST ALLOCATIONS The indirect overhead and support service costs listed in the Summary Schedule (attached) are formally approved as actual costs for fiscal year 2022-23, and as estimated costs for fiscal year 2024-25 on a “fixed with carry-forward” basis. These costs may be included as part of the county departments’ costs indicated effective July 1, 2024, for further allocation to federal grants and contracts performed by the respective county departments.

  • City Contribution The City agrees to maintain health and dental benefits at present levels for the life of the Agreement.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

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