Salary Reduction Agreements

The date of entry of the plan is the date on which the employee files a salary reduction contract or immediately after the termination of the service restrictions. The contribution to the salary reduction is a contribution made by the employer under a salary reduction contract. The salary reduction agreement means an agreement between the member and the employer that reduces the member`s pay or forgoes an increase in compensation of an amount that the employer must pay into the member`s account. The additional time to submit the application begins from the employee`s termination and expires 90 days after the termination date. FSA Health (a) The maximum annual reimbursement an employee can choose for a planning year is $5,000.00. b) The maximum annual amount of reimbursement that a member may receive during the year is the annual amount of reimbursement that the worker has chosen to cover FSA coverage under the salary reduction contract, which does not exceed the amount covered by item (a). A licensed staff member may choose to participate in the HSA delivery by enrolling in the basic care plan; Opening an HSA with the employer-appointed HSA agent/custodian; and the decision to make up-front contributions to his HSA in accordance with his salary reduction agreement.