Common use of Section 125 Plan – Flexible Spending Accounts Clause in Contracts

Section 125 Plan – Flexible Spending Accounts. The University shall maintain substantially equivalent substantive Section 125 Plans for the duration of this Agreement, including flexible spending accounts (“FSAs”) for unreimbursed, out-of-pocket medical expenses (“Health FSA”) and work-related dependent care expenses (including day care and elder care) (“Dependent Care FSA”). The maximum contribution to an employee’s Flexible Spending Accounts for 2016 shall be $5,000 for Dependent Care FSAs and $2,500 for Health FSAs, provided, however, that the maximum amount shall continue to be consistent with federal law. Beginning with the 2017 plan year and for the duration of this Agreement, the maximum amount shall be the maximum allowed under federal law.

Section 125 Plan – Flexible Spending Accounts. The University shall maintain substantially equivalent substantive Section 125 Plans for the duration of this Agreement, including flexible spending accounts (“FSAs”) for unreimbursed, out-of-pocket medical expenses (“Health FSA”) and work-related dependent care expenses (including day care and elder care) (“Dependent Care FSA”). The maximum contribution to an employee’s Flexible Spending Accounts for 2016 2021 shall be $5,000 for Dependent Care FSAs and $2,500 for Health FSAs, provided, however, that the maximum amount shall continue to be consistent with federal law. Beginning with the 2017 plan year and for the duration of this Agreement, the maximum amount shall be the maximum allowed under federal law.