Reso 2006-995 - Laserfiche WebLink

Home Browse Search

Instructions For Completing The Employer VantageCare Retirement Health Savings Plan Adoption Agreement The Employer VantageCare Retirement Health Savings (RHS) Plan Adoption Agreement specifies the details of how your RHS Plan will operate. For example. the adoption agreement details employee eligibility requirements. sources of contributions. the level of contributions. vesting provisions (if any). the types of benefits that will be funded by the RHS Trust. and procedures to be followed in case of the death of the employee. The following instructions outline how the adoption agreement should be completed. Any questions regarding the adoption agreement can be directed to your ICMA-RC Retirement Plans Specialist. You may also wish to consult with your benefits counsel. I. Employer Name - Enter the official name of the employer sponsoring the RHS Plan (e.g. City of Any town, State). III. Effective Date of the Plan - Enter the date your RHS Plan will become effective. IV. Welfare Plan - Enter the name(s) of the employee welfare benefit plan(s) that will be funded through the RHS Plan. If you do not already have a retiree welfare plan in place, a sample plan is provided in the VantageCare Retirement Health Savings Plan Retain Booklet. Your welfare plan document(s) identifies the underlying benefits available to the retiree such as medical, dental and long-term care coverage. It can be a simple document, but it must be in writing in order for your employees to enjoy tax-free treatment of the benefits they receive. V. Eligible Groups and Participant Eligibility Requirements A. Eligible Groups: This section is used to designate the employee group(s) that are covered under your RHS Plan. If you intend to provide different benefits or program features (e.g. vesting. benefits eligibility criteria) to different groups of employees. you should establish distinct RHS Plans and complete a separate adoption agree- ment for each group. Please note that if your RHS Plan covers non-collectively bargained employees. AND if it provides for reimburse- ment of any medical expenses other than insurance premiums. the welfare plan nondiscrimination rules will apply. More information regarding these rules is available in the VantageCare Retirement Health Savings Plan Questions And Answers For Employers and the VantageCare Retirement Health Savings Plan Employer Manual. The coverage group specified in your adoption agreement must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in your state or locality. Irrevocable Election to Participate: Unless you check this box, all employees in the eligibility group(s) you desig- nate must participate in the RHS program. If you desire, you may allow your employees to make a one-time irrevocable election to participate in the RHS program by checking the Irrevocable Election box, Employees in the designated eligibility group(s) will be allowed to elect to participate in the program on an irrevocable basis. For newly eligible employees. you may allow an election window of no more than 60 calendar days from the date of initial eligibility during which they may make the election to participate. Participation may begin no earli- er than the calendar month following the end of the election window. If the employee does not make the election in the year of initial eligibility, the election to participate may be made in a later year. You may provide an annual election window of no more than 60 calendar days (e.g. November 1 to December 30) during which these employees may make their elections. Participation may not begin until the following calendar year for employ- ees that wait until a later year to make their participation election. In either case. the election may not be revoked. Employees that do not elect to participate in RHS will not be eligible to receive direct employer contributions or to make employee contributions (mandatory or elective). 4