Additional Details Regarding Flexible Spending Accounts Sample Clauses
The "Additional Details Regarding Flexible Spending Accounts" clause outlines specific terms and conditions related to the operation and administration of Flexible Spending Accounts (FSAs) within an agreement. It may address aspects such as eligibility requirements, contribution limits, reimbursement procedures, and deadlines for submitting claims. For example, the clause might clarify how unused funds are handled at the end of the plan year or specify documentation needed for expense reimbursement. Its core function is to provide clarity and guidance on the use and management of FSAs, helping both employers and employees understand their rights and responsibilities and reducing the risk of misunderstandings or disputes.
Additional Details Regarding Flexible Spending Accounts. Pursuant to Section 9.1, at or prior to the Allegion Welfare Plan Implementation Date, Allegion shall, or shall cause another Allegion Entity to, establish and adopt Allegion Welfare Plans which will provide health care flexible spending account or dependent care flexible spending account benefits to Allegion Welfare Plan Participants. To the extent any Allegion Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each an “Allegion FSA”), such Allegion Welfare Plan shall be effective as of the relevant Allegion Welfare Plan Implementation Date.
(i) It is the intention of the Parties that all activity under an Allegion Welfare Plan Participant’s flexible spending account with IR for the plan year in which the relevant Allegion Welfare Plan Implementation Date occurs be treated instead as activity under the corresponding Allegion FSA. Accordingly, (i) any period of participation by an Allegion Welfare Plan Participant in an IR flexible spending account during the plan year in which the relevant Allegion Welfare Plan Implementation Date occurs (the “FSA Participation Period”) will be deemed a period when the Allegion Welfare Plan Participant participated in the corresponding Allegion FSA; (ii) all expenses incurred during the FSA Participation Period will be deemed incurred while the Allegion Welfare Plan Participant’s coverage was in effect under the corresponding Allegion FSA; and (iii) all elections and reimbursements made with respect to an FSA Participation Period under an IR flexible spending account will be deemed to have been made with respect to the corresponding Allegion FSA.
(ii) If the aggregate reimbursement payouts made to Allegion Welfare Plan Participants prior to the relevant Allegion Welfare Plan Implementation Date from the applicable IR Welfare Plan flexible spending accounts during the plan year in which the relevant Allegion Welfare Plan Implementation Date occurs are less than the aggregate accumulated contributions to such accounts made by such Allegion Welfare Plan Participants prior to the relevant Allegion Welfare Plan Implementation Date for such plan year, IR shall cause an amount equal to the amount by which such contributions are in excess of such reimbursement payouts to be transferred to Allegion (or an Allegion Entity designated by Allegion) by wire transfer of immediately available funds as soon as practicable, but in no event later than 45 days, following ...
Additional Details Regarding Flexible Spending Accounts. To the extent any SpinCo Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each a “SpinCo FSA”), such SpinCo Welfare Plan shall be effective as of January 1, 2015 rather than the Employee Transfer Date. It is the intention of the Parties that all activity under a SpinCo Welfare Plan Participant’s flexible spending account with RemainCo for plan year 2015 be treated instead as activity under the corresponding SpinCo FSA. Accordingly, (i) any period of participation by a SpinCo Welfare Plan Participant in a RemainCo flexible spending account during plan year 2015 (the “Participation Period”) will be deemed a period when the SpinCo Welfare Plan Participant participated in the corresponding SpinCo FSA; (ii) all expenses incurred during a Participation Period will be deemed incurred while the participant’s coverage was in effect under the corresponding SpinCo FSA; and (iii) all elections and reimbursements made with respect to a Participation Period under a RemainCo flexible spending account will be deemed to have been made with respect to the corresponding SpinCo FSA.
Additional Details Regarding Flexible Spending Accounts. Pursuant to Section 8.1, at or prior to the Effective Time, ▇▇▇▇▇▇▇▇ 66 shall, or shall cause another ▇▇▇▇▇▇▇▇ 66 Entity to, establish and adopt ▇▇▇▇▇▇▇▇ 66 Welfare Plans which will provide health care flexible spending account or dependent care flexible spending account benefits to ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participants. To the extent any ▇▇▇▇▇▇▇▇ 66 Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each a “▇▇▇▇▇▇▇▇ 66 FSA”), such ▇▇▇▇▇▇▇▇ 66 Welfare Plan shall be effective as of the Effective Time.
(i) It is the intention of the Parties that all activity under a ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participant’s flexible spending account with COP for the plan year in which the Distribution Date occurs (in the case of Delayed Transfer Employees transferred from the COP Group to the ▇▇▇▇▇▇▇▇ 66 Group, for the plan year in which the applicable Transfer Date occurs) be treated instead as activity under the corresponding ▇▇▇▇▇▇▇▇ 66 FSA. Accordingly, (i) any period of participation by a ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participant in a COP flexible spending account during the plan year in which the Distribution Date occurs (in the case of Delayed Transfer Employees transferred from the COP Group to the ▇▇▇▇▇▇▇▇ 66 Group, for the plan year in which the applicable Transfer Date occurs) (the “FSA Participation Period”) will be deemed a period when the ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participant participated in the corresponding ▇▇▇▇▇▇▇▇ 66 FSA; (ii) all expenses incurred during the FSA Participation Period will be deemed incurred while the ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participant’s coverage was in effect under the corresponding ▇▇▇▇▇▇▇▇ 66 FSA; and (iii) all elections and reimbursements made with respect to an FSA Participation Period under a COP flexible spending account will be deemed to have been made with respect to the corresponding ▇▇▇▇▇▇▇▇ 66 FSA.
(ii) If the aggregate reimbursement payouts made to ▇▇▇▇▇▇▇▇ 66 Welfare Plan Participants prior to the Effective Time (in the case of Delayed Transfer Employees transferred from the COP Group to the ▇▇▇▇▇▇▇▇ 66 Group, prior to their transfer to the ▇▇▇▇▇▇▇▇ 66 Group) from the applicable COP Welfare Plan flexible spending accounts during the plan year in which the Distribution occurs (in the case of Delayed Transfer Employees transferred from the COP Group to the ▇▇▇▇▇▇▇▇ 66 Group, for the plan year in which the applicable Transfer Date occurs) are less than the aggregate a...
Additional Details Regarding Flexible Spending Accounts. To the extent any B&W Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each a “B&W FSA”), such B&W Welfare Plan shall be effective as of January 1, 2010 rather than July 1, 2010. It is the intention of the Parties that all activity under a B&W Welfare Plan Participant’s flexible spending account with McDermott for plan year 2010 be treated instead as activity under the corresponding B&W FSA. Accordingly, (i) any period of participation by a B&W Welfare Plan Participant in a McDermott flexible spending account during plan year 2010 (the “Participation Period”) will be deemed a period when the B&W Welfare Plan Participant participated in the corresponding B&W FSA; (ii) all expenses incurred during a Participation Period will be deemed incurred while the participant’s coverage was in effect under the corresponding B&W FSA; and (iii) all elections and reimbursements made with respect to a Participation Period under a McDermott flexible spending account will be deemed to have been made with respect to the corresponding B&W FSA.
Additional Details Regarding Flexible Spending Accounts. (I) Pursuant to Section 9.1, Exelis shall cause its health care flexible spending account or dependent care flexible spending account (each, an “Exelis FSA”) benefits to be continued for Vectrus Welfare Plan Participants who are Management Benefitted Employees through December 31, 2014, pursuant to a Transition Services Agreement. Exelis shall bear the burden of experience losses and the benefit of experience gains for each Exelis FSA for the entirety of 2014.
(II) Effective as of the Effective Time, Vectrus or another Vectrus Entity shall withhold payroll deductions made pursuant to the terms of the Exelis FSAs as in effect prior to and after the Effective Time and remit such amounts to the Exelis FSAs within the period required by Labor Regulation Section 2510.3-102(a)(1) and any other applicable guidance for the health care flexible spending account and as soon as practicable for the dependent care flexible spending account.
(III) Effective January 1, 2015, Vectrus or another Vectrus Entity shall cause Vectrus Welfare Plan Participants who are Management Benefitted Employees to become eligible for health care flexible spending account benefits and dependent care flexible spending account benefits.
(IV) Vectrus or another Vectrus Entity shall establish and adopt Vectrus Welfare Plans that will provide health care flexible spending account benefits and dependent care flexible spending account benefits to Vectrus Welfare Plan Participants who are PP Employees and, pursuant to a Transition Services Agreement, all TARS Employees, effective as of the Effective Time. Vectrus shall bear the burden of experience losses and the benefit of experience gains with respect to the PP Employees and TARS Employees for the entirety of 2014.
Additional Details Regarding Flexible Spending Accounts. For any Crane NXT, Co. Welfare Plan Participant who has an election to contribute to, and/or a balance under, a health care flexible spending account and/or dependent care flexible spending account under the Crane Company Welfare Plans (each a “Crane Company FSA”) immediately prior to the Distribution Date, such election to contribute to, and/or balance under, as applicable, the Crane Company FSA shall automatically be transferred to the corresponding health care flexible spending account and/or dependent care flexible spending account under the Crane NXT, Co. Welfare Plan (each, a “Crane NXT, Co. FSA”) as of the Effective Time. It is the intention of the Parties that ▇▇▇▇▇ NXT, Co. Welfare Plan Participants’ balances under the applicable Crane Company FSA shall automatically transfer to the corresponding Crane NXT, Co. FSA regardless of whether such balances are negative or positive (i.e., regardless of whether such Crane NXT, Co. Welfare Plan Participants’ Crane Company FSAs are in a deficit or surplus), and that such Crane NXT, Co. Welfare Plan Participants’ payroll deductions to the applicable Crane Company FSA immediately prior to the Distribution Date shall automatically continue under the corresponding Crane NXT, Co. FSA after the Effective Time. Crane Company has assumed and is responsible for the funding of payment for any unpaid covered claim and eligible expense incurred by a Crane NXT, Co. Welfare Plan Participant under a Crane Company FSA on or before the Distribution Date, regardless of when such claim is submitted for reimbursement, and ▇▇▇▇▇ NXT, Co. has assumed and is responsible for the funding of payment for any unpaid covered claim and eligible expense incurred by a Crane NXT, Co. Welfare Plan Participant under a Crane NXT, Co. FSA after the Distribution Date.
Additional Details Regarding Flexible Spending Accounts. To the extent any CSRA Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each a “CSRA FSA”), such CSRA Welfare Plan shall be effective as of the earlier of the Effective Time or the date on which such plan is established.
Additional Details Regarding Flexible Spending Accounts. (I) Pursuant to Section 9.1, Bandwidth will cause its health care flexible spending account or dependent care flexible spending account (each, an “Bandwidth FSA”) benefits to be continued for Republic Wireless Welfare Plan Participants who are Management Benefitted Employees through February 28, 2017, pursuant to a Transition Services Agreement. Bandwidth will bear the burden of experience losses and the benefit of experience gains for each Bandwidth FSA for the entirety of 2017.
(II) Effective as of the Effective Time, Republic Wireless or another Republic Wireless Entity will withhold payroll deductions made pursuant to the terms of the Bandwidth FSAs as in effect prior to and after the Effective Time and remit such amounts to the Bandwidth FSAs within the period required by Labor Regulation Section 2510.3-102(a)(1) and any other applicable guidance for the health care flexible spending account and as soon as practicable for the dependent care flexible spending account.
(III) Effective March 1, 2017, Republic Wireless or another Republic Wireless Entity will cause Republic Wireless Welfare Plan Participants who are Management Benefitted Employees to become eligible for health care flexible spending account benefits and dependent care flexible spending account benefits.
Additional Details Regarding Flexible Spending Accounts. To the extent any Computer Sciences GS Welfare Plan provides or constitutes a health care flexible spending account or dependent care flexible spending account (each a “Computer Sciences GS FSA”), such Computer Sciences GS Welfare Plan shall be effective as of the earlier of the Effective Time or the date on which such plan is established.