Examples of DCAP Component in a sentence
Under the DCAP Component, a Participant may receive reimbursement for Dependent Care Expenses incurred during the Period of Coverage for which an election is in force.
Although reprinted within this document, the DCAP Component is a separate plan for purposes of administration and all reporting and nondiscrimination requirements imposed by Code section 129.
The DCAP Component is intended to qualify as a "dependent care assistance program" under Code section 129, and the Dependent Care Expenses reimbursed thereunder are intended to be eligible for exclusion from participating Employees' gross income under Code section 129(a).
An Eligible Employee can elect to participate in the DCAP Component by electing to receive benefits in the form of reimbursements for Dependent Care Expenses and to pay the Contribution for such benefits on a pre-tax salary reduction basis.
On or before January 31 of each year, the Plan Administrator shall furnish to each Participant who has received reimbursement for Dependent Care Expenses during the prior calendar year a written statement showing the Dependent Care Expenses paid during such year with respect to the Participant, or showing the salary reductions for the year for the DCAP Component, as the Plan Administrator deems appropriate.
If only a portion of a Dependent Care Expense has been reimbursed elsewhere (e.g., because the Spouse's DCAP Component imposes maximum benefit limitations), the DCAP Component can reimburse the remaining portion of such Expense if it otherwise meets the requirements of this Article VIII.
Any change in an election under Article XI affecting annual Contributions to the DCAP Component also will change the maximum reimbursement benefits for the balance of the Period of Coverage (commencing with the election change), as further limited by Section 8.04(a) and Section 8.04(b).
An individual may be reimbursed for Dependent Care Expenses incurred during a Grace Period from amounts remaining in his or her DCE Account at the end of the Plan Year to which that Grace Period relates (Prior Plan Year Amounts) if he or she Is a Participant in the Plan with DCAP Component coverage that is in effect on the last day of that Plan Year.
The above Change in Cost provisions (Sections 11.03(h)(1) through 11.03(h)(3)) apply to the DCAP Component only if the cost change is imposed by a dependent care provider who is not a relative of the Employee.
The Employer will establish and maintain a DCE Account with respect to each Participant who has elected to participate in the DCAP Component, but it will not create a separate fund or otherwise segregate assets for this purpose.