Common use of Unallocated and/or Unused Funds Clause in Contracts

Unallocated and/or Unused Funds. Failure by the employee to allocate his or her ACFD Allowance to the eligible benefits noted in subsection 11.F. (Cafeteria Benefit Plan) above within the stated timeframe will result in having the unallocated funds deposited into the employee’s Health Care 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 FSAs (Health Care, and/or Dependent Care) at the end of the year, including salary contributions, are ACFD funds.

Unallocated and/or Unused Funds. Failure by the employee to allocate his or her the ACFD Allowance to the eligible benefits noted in subsection 11.F. 12.F. (Cafeteria Benefit Plan) above within the stated timeframe will result in having the unallocated funds deposited into the employee’s Health Care FSA 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 FSAs Flexible Spending Accounts (Health Care, Care and/or Dependent Care) at the end of the year, including salary contributions, are ACFD funds.