2007-204 Council Resolution - Laserfiche WebLink

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• • PLAN AMENDMENT TO THE City of Lino Lakes Flexible Benefit Plan Pursuant to the authority retained by the Employer under Section 8.1 of the Flexible Benefit Plan (the "Plan"), the Plan is hereby amended as follows: Effective January 1, 2008: • the provisions of the Plan referencing the Section 1.2 Purpose. The purpose of the Plan is to increase the social insurance protection of Eligible Employees by making available to those employees different combinations of accident and health care benefits, dental care benefits, health care reimbursement benefits, dependent care reimbursement benefits, Health Savings Account (HSA) benefits, and direct compensation. The Plan is intended to comply with the provisions of Sections 79, 104, 105, 125, 129, and 223 of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. Section 2.1 Definitions (k) "Health Savings Account" or "HSA" means a health savings account established under Code Section 223. Such arrangements are individual trusts or custodial accounts, each separately established and maintained by an Employee with a qualified trustee or custodian. (1) "High Deductible Health Plan" or "HDHP" means, generally, a health insurance plan established by the Employer with an annual deductible of not less than $1,000 for self -only coverage and twice that amount for family coverage, as indexed for cost -of- living adjustments. The definition of HDHP shall be consistent with Section 223(c)(2) of the Code. Section 4.3 Employer Contributions. In its discretion, the Employer may make contributions to the Plan on behalf of the Participants. Any such contributions shall be made at such rates and subject to such conditions as are established and applied on a uniform basis by the Employer. Such contributions shall be contributed on such date or dates during the Plan Year as the Employer determines in its sole discretion. Employer contributions shall be made only on behalf of Participants who are currently employed by the Employer on the date that the contribution is made. Employer contributions shall be automatically applied to pay the Participant's cost of any benefits elected by the Participant. Employer Contributions that are intended for a Participant's HSA may only be contributed by the Participant to the HSA. They may not be allocated towards other benefits under the Plan. Participants shall be informed prior to the commencement of each Plan Year of the amount, if any, of such employer contributions to be made during the Plan Year. Section 4.5 Revocation or Changes in Benefit Elections. A Participant's benefit election for any Plan Year shall be irrevocable during the Plan Year, except that (a) the Employer may limit or reduce a Participant's contributions allocable to certain benefits in accordance with Section 4.9, and (b) if there is a Status Change, a Participant shall be entitled to change the