2007-204 Council Resolution - Laserfiche WebLink

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• DATED: contribute an amount through the Plan that is intended for the HSA of a Participant, without regard to the comparability rules, and the Participant may choose between the HSA contribution and taxable cash compensation. The Employer reserves the right to change the amount or timing of contributions at any time, and from time to time, whether made to the Plan or directly to the Participant's HSA. (c) Limitation on Employer Involvement. The terms of individual HSAs will be governed by an agreement between employees and a trustee or custodian. The Employer will not impose conditions on the use of HSA funds, restrict the ability of employees to move HSA funds to other HSA providers make or influence investment decisions with respect to funds contributed to an HSA, or receive any payment or compensation in connection with an HSA. The Employer may limit the forwarding of payroll contributions to designated HSA trustees or custodians. However, the employer does endorse any particular HSA provider, and has no authority or control over funds deposited in an HSA. (d) Contribution Limitations. In no event shall Participant Pretax Contributions to an HSA, when combined with Employer contributions to the HSA, exceed, (i) the statutory maximum amount for HSA contributions applicable to the Participant's HDHP coverage option (i.e., single or family) for the calendar year in which the Contribution is made, as adjusted each year for cost -of- living increases ($2,900 for single and $5,800 for family in 2008 If you elect to be covered for an HSA eligible plan in a month other than January you can choose to contribute the statutory maximum of that plan year. The election will be based on coverage in the last month of the plan year, unless the participants chooses not to continue on the HSA plan for the 12 subsequent months following the last month of the year of the first year of eligibility. An additional catch -up contribution ($800 for 2007, increasing by $100 each year until it reaches $1,000 in 2009) may be made by Participants who are age 55 or older. City of Lino Lakes City Council By Its •