10-10-2022 Council Packet - Laserfiche WebLink

Home Browse Search

© 2019 Hitesman & Wold, P.A. MEDSURETY, LLC Cafeteria Plan 1-888-816-4234, www.medsurety.com Basic Plan Document 2 ARTICLE II. DEFINITIONS The following words and phrases are used in this Plan and shall have the meanings set forth in this Article unless a different meaning is clearly required by the context or is defined within an Article. 2.1 Adoption Agreement means the separate agreement that shall be executed by the Employer sponsoring the Plan and that shall contain Employer-specific information and the Employer’s selections of options under the Plan. 2.2 Cafeteria Plan Regulations means any final regulations, or proposed regulations on which employers may rely, issued by the Department of Treasury under Section 125 of the Code. 2.3 Cash Payment means the amount received by a Participant described in Article XX, if applicable. 2.4 Change in Status means the situations that permit an Eligible Employee or Participant to make a change in his or her Election mid-Plan Year and include events that: (a) Change an Eligible Employee’s or Participant’s legal (under applicable state and federal law) marital status, (b) Change the number of an Eligible Employee’s or Participant’s dependents (as defined in Section 5.4), (c) Change an Eligible Employee’s or Participant’s employment status, or the employment status of the Participant’s Spouse or dependents (as defined in Section 5.4), (d) Cause an Eligible Employee’s or Participant’s dependent (as defined in Section 5.4) to satisfy or cease to satisfy the eligibility requirements for an Optional Benefit, and (e) Change the place of residence of an Eligible Employee or Participant, or his or her Spouse or dependents (as defined in Section 5.4). 2.5 Claims Administrator means Medsurety, LLC, as appointed under Section 6.1(c). 2.6 Code means the Internal Revenue Code of 1986, as amended from time to time. 2.7 Compensation means the total salary, wages, bonuses, pay for overtime, vacation pay, sick pay, pay for shift differentials, and other cash compensation paid by the Employer to a Participant (without regard to any salary reduction under this Plan or any pre -tax program recognized under the Code), but excluding reimbursed expenses, car expense allowances, credits for benefits under any plan of deferred compensation to which the Employer contributes, and any additional compensation payable in a form other than cash. 2.8 Covered Individual means a person, including a Participant, a Dependent of a Participant, a Spouse of a Participant, and any other person, appropriately covered under an Opt ional Benefit subject to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). 2.9 Dependent means “Dependent” as defined in each Optional Benefit provision in which such term is used. Dependent is not necessarily the same as a dependent for t ax purposes. See the definition of Tax Dependent in Section 2.37. 2.10 Effective Date means the date specified in the Adoption Agreement on which the Plan, or Plan restatement, is effective and applicable to the Eligible Employees and Participants.