12-8-1998 Minutes - Laserfiche WebLink

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q~AA~~. AMENDMENT TO FLEXIBLE BENEFITS PLAN Effective the first plan year beginning on or after January I, 1999, the undersigned employer (the Employer") amends its Flexible Benefits Plan (the "Plan") to take into account the guidance issued by the Internal Revenue Service in Temp. Treas. Reg. S 1.125-4T (1997) relating to permissible election changes under the Plan. Defined terms set forth herein shall have the same meaning set forth in the Plan. Except as specifically provided herein, the Plan shall remain in full force and effect. The Plan shall be amended as follows: 1. Throughout the Plan, the term "change in family status" shall be replaced with "change in status", and Section 1.06 is deleted in its entirety and replaced with the following: 1.06 "Change in Status" means, and is limited to: (a) For accident and health benefits as defined in Code Section 106 (including Medical Care Expense Reimbursement benefits) and group term life benefits as defined in Code Section 79, Change in Status means any of the following events: I. A change in a Participant's legal marital status, including marriage, death of a Spouse, divorce, legal separation or annulment; 2. A change in the Participant's number of Dependents, including the birth of a child, adoption or placement for adoption of a child, or death of a Dependent; 3. Termination or commencement of employment by the Participant, the Participant's Spouse or the Participant's Dependent; 4. Change in the work schedule of the Participant, the Participant's Spouse or the Participant's Dependent, including a switch between part-time and full-time status, a strike or lockout or commencement or return from an unpaid leave of absence; 5. Dependent satisfies or ceases to satisfy the Dependent eligibility requirements for a particular benefit, such as due to attaining a specified age or ceasing to be a Student; 6. A change in the place of residence or work of the Participant, the Participant's Spouse or the Participant's Dependent. (b) For Dependent Care Expense Reimbursement, Change in Status means all of the events described in (a) above and, in addition, such other events as may be described by the Internal Revenue Service from time to time as a Change in Status with respect to such benefits. 2. Sections 3.04 and 3.05 are deleted in their entirety and replaced with the following: 3.04 Change of Premium Election. Except as provided in Section 3.03 or 3.05, A Participant shall not make any changes to the Pre-tax contribution amount elected under the Plan, except as provided herein: (a) Change in Status. A Participant may change or terminate his or her actual or deemed election under this Plan upon the occurrence of a Change in Status, according to the following rules. (1) Group term life insurance benefit. With respect to any group term life insurance (as defmed in Code Section 79), a Participant may change his or her election, on his or her life benefit, only if the change is consistent with the Change in Status, as set forth below: (i) In the case of a Participant's marriage or the birth adoption or placement for adoption of a child, a Participant may elect to increase life insurance coverage, but not decrease such coverage. (ii) In the case of a Participant's divorce, legal separation, annulment, or the death of a Participant's Spouse or Dependent, a Participant may elect to decrease life insurance coverage, but not increase it.