POWER Account Roll Over Clause Samples

The POWER Account Roll Over clause defines how unused funds in a POWER Account are handled at the end of a specified period, typically allowing the balance to carry forward into the next period rather than being forfeited. In practice, this means that if an account holder does not use all the funds allocated to their POWER Account within a plan year, the remaining balance is preserved and added to the following year's account. This clause ensures that participants are not penalized for lower spending and encourages prudent use of account resources, ultimately providing a financial incentive for cost-effective management of account funds.
POWER Account Roll Over. Where a member has funds remaining at the end of the calendar year benefit period, some of the funds remaining in the member’s POWER Account may be rolled over into the next calendar year benefit period for purposes of reducing the member’s required HIP Plus or HIP State Plan Plus POWER Account contributions. Only member rollover dollars can be applied to the tobacco surcharge. Roll over is applied to the member’s new account 121 days following the end of the calendar year benefit period. The amount of leftover funds available for roll over will depend on the member’s contributions to the POWER Account, the balance remaining in the member’s POWER Account, any member debt, and the member’s receipt of recommended preventive care services. For each benefit period, OMPP will determine, based on Centers for Disease Control recommendations, which recommended preventive care services apply to a specific member’s age and gender, as well as the member’s pre-existing conditions. POWER Accounts are designed to encourage preventive care, the appropriate utilization of health care services and personal responsibility. The Contractor shall develop multiple methods of emphasizing to members that responsible use of POWER Account funds, as well as obtaining recommended preventive care services, can lead to a reduced financial burden in the next benefit period. If members are aware that prudent management of their health care expenditures can leave them with available funds at the end of the calendar year benefit period—and that these funds can be used to lower their contribution requirements for the following benefit period— members will be encouraged to make value- and cost- conscious decisions. See Section 7.4.4 for required POWER Account member education responsibilities. The Contractor may collect any member debt from the member portion of roll- over funds determined in accordance with the roll-over calculations detailed in Sections 5.6.2.1 and 5.6.2.2. Under no circumstances shall State roll-over funds be used to pay member debt. In collecting member debt from roll-over funds, the Contractor shall comply with the specific calculations established in the HIP MCE Policies and Procedures Manual. 5.8.2.1 HIP Plus Roll-Over HIP Plus members and HIP State Plan Plus members who consistently contribute to their POWER account during the calendar year benefit period will be eligible to roll-over the member’s unused pro rata share of the POWER Account balance. If a HIP Plus memb...
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POWER Account Roll Over. If a member is redetermined eligible at the end of a benefit period, some of the funds remaining in the member’s POWER Account may be rolled over into the next benefit period for purposes of reducing the member’s required HIP Plus or HIP State Plan Plus POWER Account contributions in the subsequent benefit period. The amount of leftover funds available for roll over will depend on the member’s contributions to the POWER Account, the balance remaining in the member’s POWER Account, any member debt, and the member’s receipt of recommended preventive care services. Each benefit period, OMPP will determine, based on Centers for Disease Control recommendations, which recommended preventive care services apply to a specific member’s age and gender, as well as the member’s pre- existing conditions. POWER Accounts are designed to encourage preventive care, the appropriate utilization of health care services and personal responsibility. Contractors shall develop multiple methods of emphasizing to their members that responsible use of POWER Account funds, as well as obtaining recommended preventive care services, can lead to a reduced financial burden in the next benefit period. If members are aware that prudent management of their health care expenditures can leave them with available funds at the end of the annual benefit period—and that these funds can be used to lower their next year’s contribution— members will be encouraged to make value- and cost-conscious decisions. See Section 7.4.4 for required POWER Account member education responsibilities. The Contractor may collect any member debt from the member portion of roll-over funds determined in accordance with the roll-over calculations detailed in Sections 5.6.2.1 and
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Related to POWER Account Roll Over

  • Discretionary Accounts In the case of a Registered Offering of Securities issued by an Issuer that was not, immediately prior to the filing of the Registration Statement, subject to the requirements of Section 13(d) or 15(d) of the 1934 Act, you will not make sales to any account over which you exercise discretionary authority in connection with such sale, except as otherwise permitted by the applicable AAU for such Offering.

  • Management Accounts To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor shall comply with Section 5.1 of the Base Indenture with respect to each such Management Account (including any lock-box related thereto).

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.