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HomeMy WebLinkAbout2013-11-01/07/2013Prepared by Carol Failor, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703. RESOLUTION NO. 2013-11 RESOLUTION APPROVING AMENDED CAFETERIA PLAN FOR THE CITY OF WATERLOO, IOWA. The undersigned authorized representative of the City of Waterloo (the Employer) hereby certifies that the following resolution was duly adopted by the Employer on January 7, 2013, and that such resolution has not been modified or rescinded as of the date hereof; BE IT HEREBY RESOLVED, that the Amendment to the City of Waterloo Cafeteria Benefits Plan (the Amendment) is hereby approved and adopted, and that an authorized representative of the Employer is hereby authorized and directed to execute and deliver to the Administrator of the Plan one or more counterparts of the amendment. The undersigned further certifies that attached hereto is a copy of the Amendment approved and adopted in the foregoing resolution. PASSED AND ADOPTED this ATTEST: 'a Suzy Sc es, MC City Cl rk 7 t day of January, 2013. 1""'4' �� " Ernest G. Clark, Mayor SUMMARY OF MATERIAL 1VWDIVICATIONS for the City of Waterloo Cafeteria Benefits Plan I INTRODUCTION This is a Summary of Material Modifications regarding the City of Waterloo Cafeteria Benefits Plan ("Plan"). This is merely a summary of the most important changes to the Plan and information contained in the Summary Plan Description ("SPD") previously provided to you. It supplements and amends that SPD so you should retain a copy of this document with your copy of the SPD. If you have any questions, contact the Administrator. If there is any discrepancy between the terms of the Plan, as modified, and this Summary of Material Modifications, the provisions of the Plan will control. II SUMMARY OF CHANGES Effective January 1, 2013, the most that you can contribute to your Health Flexible Spending Account from salary reductions each Plan Year is $ 2,500. After 2013, the dollar limit may increase for cost -of -living adjustments. You should also be aware that the annual dollar limit on the amount you may defer is an aggregate limit that applies to all contributions to the Health Flexible Spending Account you may make under this Plan and any other health flexible spending account of this Employer or any of its affiliated employers in which you may be participating. The limit is an individual limit and does not impact the amount your spouse may contribute to any health flexible spending account that he or she may be participating in (even if it is this Plan). C 2012 SunGard Page 1 of 1 9/12 CERTIFICATE OF ADOPTING RESOLUTION The undersigned authorized representative of The City of Waterloo (the Employer) hereby certifies that the following resolutions were duly adopted by Employer on j , 201 and that such resolutions have not been modified or rescinded as of the date hereof; RESOLVED, that the Amendment to the City of Waterloo Cateteria Benefits Plan (the Amendment) is hereby approved and adopted, and that an authorized representative of the Employer is hereby authorized and directed to execute and deliver to the Administrator of the Plan one or more counterparts of the amendment. The undersigned further certifies that attached hereto is a copy of the Amendment approved and adopted in the foregoing resolution. Date: Signed: [print name/title] 0 2012 SunGard Page 1 of 1 9/12 $2,500 HEALTH FLEXIBLE SPENDING ACCOUNT LIMIT AMENDMENT ARTICLE I PREAMBLE I:I Adoption and effective date of amendment. The Employer adopts this Amendment to City of Waterloo Cafeteria Benefits Plan ("Plan') to reflect certain provisions of the Affordable Care Ad ddT"10'(the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act) and IRS Notice 2012-40. The sponsor intends this Amendment as good faith compliance with the requirements of these provisions. This Amendment shall be effective on or after the date the Employer elects in Section 2.1 below. 1.2 Supersession of inconsistent provisions. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. 1.3 Construction. Except as otherwise provided in this Amendment, any reference to "Section" in this Afltendment refers only to sections within this Amendment, and is not a reference to the Plan. The Article and Section numbering in this Amendment is solely for purposes of this Amendment, and does not relate to any Plan article, section or other numbering designations. ARTICLE 11 ELECTIONS 2.1 Effective Date. The provisions of this Amendment, unless otherwise indicated are effective as of January 1, 2013. 2.2 Limit for Health Flexible Spending Account. Select a. or b.: a. [ ] No more than $ (enter an amount of. $2500 or less) in salary reductions can be contributed by a Participant to the Health Flexible Spending Account. b. [X] $2,500 in salary reductions as adjusted for increases in the cost of living in accordance with Code Section 125(i)(2). The dollar increase in effect on January 1 of any calendar year shall be effective for the Plan Year beginning with or within such calendar year. For any short Plan Year, the limit shall be an amount equal to the limit for the calendar year in which the Plan Year begins multiplied by the ratio obtained by dividing the number of full months in the short P1anYear by twelve (12). ARTICLE III LIMIT ON HEALTH FLEXIBLE SPENDING ACCOUNT 3,1 Limit on Allocations. The maximum amount that a Participant may contribute to the Health Flexible Spending Account component of the Plan is the amount specified in Amendment Section 2.2, 3.2 Cost of Living Adjustment. In no event shall the limit on the Health Flexible Spending Account exceed $2,500 as adjusted by law. Such amount shall be adjusted for increases in the cost -of -living in accordance with Code Section 125(1)(2). The cost -of -living adjustment in effect for a calendar year applies to any Plan Year beginning with or within such calendar year. 3.3 Participation in Other Plans. All employers that are treated as a single employer under Code Sections 414(b), (c), or (m), relating to controlled groups and affiliated service groups, are treated es a single employer for purposes of the $2,500 limit. If a Participant participates in multiple cafeteria plans offering health flexible spending accounts maintained by members of a controlled group or affiliated service group, the Participant's total Health Flexible Spending Account contributions under all of the cafeteria plans are limited to $2,500 (as indexed for inflation). However, a Participant employed by two or more employers that are not members of the same controlled group may elect up to $2,500 (as indexed for inflation) under each Employer's Health Flexible Spending Account. 0 2012 SunGard Page I of 2 9/12 3.4 Grace Period. If the Plan utilizes a Grace Period for payment of expenses from a previous year in the first months of the next Plan Year, the $2,500 limit applies to the Plan Year including the Grace Period. Amounts carried into the next Plan Year as part of the Grace Period shall not affect the limit for that next Plan Year. This amendment has been executed this Name of Employer: By: __sem EMPLOYER. © 2012 SunGard day of t� � 6t 4 I a r Page 2 of 2 0 9/12