TOWN DEDUCTIBLE FUNDING Sample Clauses

TOWN DEDUCTIBLE FUNDING i. Effective July 1, 2017 the Town will contribute sixty-five percent (65%) of the deductible amount. This deposit will be made in full within 10 days of the start of the 2017 plan year. Thereafter the deductible funding shall be made by the Town in two installments annually. Specifically, fifty percent of the annual Town contribution will be deposited into an employee's HSA within ten (10) days of July 1s` and fifty percent (50%) of the annual Town contribution will be deposited into an employee's HSA within ten (10) days of January The Town agrees, however, that in the event an employee's HSA account does not contain a sufficient amount of funds to satisfy the HDHP annual deductible in any plan year, the Town will contribute additional funds into the employee's HSA to satisfy the deductible amount. The Town will not contribute said additional monies until the employee enters into a weekly repayment agreement with the Town to reimburse it for the below referenced Town contribution amounts above what the Town has agreed to pay. Said repayment agreements will not be for a duration of greater than twenty-six (26) weeks. Effective July 1, 2018 the Town will contribute sixty percent (60%) of the deductible amount. Effective July 1, 2019 the Town will contribute fifty percent (50%) of the deductible amount.
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Related to TOWN DEDUCTIBLE FUNDING

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