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.
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).
If a Participant enters the DCAP Component mid-year or wishes to increase his or her election mid-year as permitted under Section 11.03, then there will be no proration unless otherwise specified in Section IV Component Options – DCAP Component “What are the benefits that I may elect under the DCAP Component?”, of the Summary Plan Description.
On or before January 31 of each year, the Employer will report to Participants of the DCAP Component prior calendar year Salary Reductions.
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.
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.