Examples of Carryover Provision in a sentence
In the alternative, the Employer may allow a Participant who is otherwise eligible for the Carryover Provision but does not make a minimum salary reduction election for the next Plan Year to carryover unused amounts from the preceding Plan Year.
When Carryover Provision is available, no more than the amount specified in Section II Your Plan at a Glance – Carryover Provision, of the Summary Plan Description of the Participant’s unused Health FSA Component amount for a Plan Year may be carried over for use in the next Plan Year.
I understand that I must use all my flexible benefit contributions or forfeit them, in accordance with the design of my employer's FSA plan, including any Grace Period or Carryover Provision, if applicable.
Under the Health FSA Component, when the Carryover Provision is permitted and unused amounts are carried forward, the Employee will be deemed as having elected for each upcoming Plan Year.
The Carryover Provision is not permitted and therefore unused balances are subject to the Use- It-or-Lose-It Rule discussed in Section 8.08.
In addition, if the Carryover Provision applies to the Health FSA, the Carryover Provision would also apply to Participants who are receiving coverage under the Health FSA at the end of the Plan Year, although the Carryover Provision would not last beyond the end of the 18-month or other applicable maximum COBRA coverage period.
The Carryover Provision is not permitted and therefore unused balances are subject to the Use- It-or-Lose-It Rule discussed in Section 9.08.
In addition, if the Carryover Provision applies to the Health FSA, the Carryover Provision would also apply to Participants who are receiving coverage under the Health FSA at the end of the Plan Year, although the Carryover Provision would not last beyond the end of the coverage period that it rolled into.
However, if a minimum SalaryReduction election to the Health FSA Component for the next year is required in order to carryover unused amounts to the next Plan Year, the Carryover Provision is not permitted and Participants will forfeit their unused amounts after the 90-day runout period.
However, if your em- ployer has adopted the Carryover Provision for your Health FSA, up to $500 of your FSA balance will rollover into the new plan year.To avoid losing any money, you should estimate what your eligible expenses will be before you decide how much to contribute – and then commit to a little less.