Unallocated and/or Unused Funds. Failure by the employee to allocate the ACFD Allowance to the eligible benefits noted in subsection 12.F. (Cafeteria Benefit Plan) above within the stated timeframe will result in having the unallocated funds deposited into the employee’s Health Care Flexible Spending Account pursuant to IRS regulations. Unallocated ACFD Allowance funds exceeding the maximum amount pursuant to IRS regulations shall be paid out in the form of an after-tax earnings on a bi-weekly basis. Any remaining unspent funds in any of the Flexible Spending Accounts (Health Care and/or Dependent Care) at the end of the year, including salary contributions, are ACFD funds.
Appears in 5 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Unallocated and/or Unused Funds. Failure by the employee to allocate the his or her ACFD Allowance to the eligible benefits noted in subsection 12.F. 11.F. (Cafeteria Benefit Plan) above within the stated timeframe will result in having the unallocated funds deposited into the employee’s Health Care Flexible Spending Account FSA pursuant to IRS regulations. Unallocated ACFD Allowance funds exceeding the maximum amount pursuant to IRS regulations shall be paid out in the form of an after-tax earnings on a bi-weekly basis. Any remaining unspent funds in any of the Flexible Spending Accounts FSAs (Health Care Care, and/or Dependent Care) at the end of the year, including salary contributions, are ACFD funds.
Appears in 5 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding