Agenda - Council - 12/17/1991 - Laserfiche WebLink

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Section 4.7. Forfeiture of Accounts. The amount credited to a participant's Health Care and Insurance Reimbursement Account for any Plan Year shall be used only to reimburse the participant for health care expenses incurred during such Plan Year, and only if the participant applies for reimbursement on or before the 60th day following the close of the Plan Year. If any balance remains in the participant's Health Care and Insurance Reimbursement Account for any Plan Year after all reimbursements hereunder, such balance shall not be carried over to reimburse the participant for such health care expenses incurred during a subsequent Plan Year, and shall not be available to the participant in any other form or manner, but shall remain the property of the City, and the participant shall forfeit all rights with respect to such balance. In the event that a participant ceases to be an employee, the amount remaining in such participant's Health Care and Insurance Reimbursement Account, after such participant has been reimbursed for all allowable expenses under Sections 4.4 and 4.6 pursuant to the procedures set forth in paragraph (d) of Section 4.4, shall remain the property of the City, and the participant shall forfeit all rights with respect to such balance. Thereafter, the City shall have no further financial obligation under the Plan to such participant. ARTICLE V Group Life Insurance Bencfil: Section 5.1. Insurance Benefit. Electing Participants shall receive the group insurance benefit as follows: (a) Group term life insurance benefit which is qualified tinder §79 of the Internal Revenue Code as group term life insurance. (b) In addition, if the Participant so elects, a §79 whole life benefit will be provided to the Participant under the following terms: the City shall remit to the participant that portion of the premium attributable to the whole life costs. Section 5.2. Right to Take Over Policies. Subject to the provisions relating to discharge for cause, in the event a Participant shall terminate employment or the City shall reduce or terminate coverage under this Plan, the terminated employee shall have all rights in the policies no longer to be carried on life insurance under this Plan, including the rights to continue the policies in force by paying all future premiums. If the City should own any policy(ies), it shall take the necessary action to transfer ownership to the terminated employee, upon written request by the employee within ten (10) days of termination. 6 12/11/91 i I I I ! I I I I I i I I I I i I