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

Unallocated and/or Unused Funds. Failure by employees to allocate their County Allowance to the eligible benefits noted in subsection 6.F. (Cafeteria Benefit Plan) above, within the stated timeframe will result in having the unallocated County Allowance funds, up to a maximum of five hundred dollars ($500), deposited into the employee’s Health Care FSA pursuant to the IRS regulations. Unallocated County Allowance funds exceeding five hundred dollars ($500) shall be paid as after-tax earnings on a semi-monthly basis. Any remaining unspent funds in any of the FSAs (Health Care, Dependent Care, and/or Adoption Assistance) at the end of the year, including salary contributions, are County funds and shall not be reimbursed to employees.

Appears in 2 contracts

Samples: Sideletter of Agreement, Sideletter of Agreement

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Unallocated and/or Unused Funds. Failure by employees to allocate their County Allowance to the eligible benefits noted in subsection 6.F. 13.E. (Cafeteria Benefit Plan) above), above within the stated timeframe will result in having the unallocated County Allowance funds, up to a maximum of five hundred dollars ($500), deposited into the employee’s Health Care FSA pursuant to the IRS regulations. Unallocated County Allowance funds exceeding five hundred dollars ($500) shall be paid as after-tax earnings on a semi-monthly basis. Any remaining unspent funds in any of the FSAs (Health Care, Dependent Care, and/or Adoption Assistance) at the end of the year, including salary contributions, are County funds and shall not be reimbursed to employees.

Appears in 1 contract

Samples: Sideletters of Agreement

Unallocated and/or Unused Funds. Failure by employees to allocate their County Allowance to the eligible benefits noted in subsection 6.F. 9.E. (Cafeteria Benefit Plan) above, above within the stated timeframe will result in having the unallocated County Allowance funds, up to a maximum of five hundred dollars ($500), deposited into the employee’s Health Care FSA pursuant to the IRS regulations. Unallocated County Allowance funds exceeding five hundred dollars ($500) shall be paid as after-tax earnings on a semi-semi- monthly basis. Any remaining unspent funds in any of the FSAs (Health Care, Dependent Care, and/or Adoption Assistance) at the end of the year, including salary contributions, are County funds and shall not be reimbursed to employees.

Appears in 1 contract

Samples: Sideletter of Agreement

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Unallocated and/or Unused Funds. Failure by employees to allocate their County Allowance to the eligible benefits noted in subsection 6.F. 14.E. (Cafeteria Benefit Plan) above, above within the stated timeframe will result in having the unallocated County Allowance funds, up to a maximum of five hundred dollars ($500), deposited into the employee’s Health Care FSA pursuant to the IRS regulations. Unallocated County Allowance funds exceeding five hundred dollars ($500) shall be paid as after-tax earnings on a semi-semi- monthly basis. Any remaining unspent funds in any of the FSAs (Health Care, Dependent Care, and/or Adoption Assistance) at the end of the year, including salary contributions, are County funds and shall not be reimbursed to employees.

Appears in 1 contract

Samples: permits.acgov.org

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