Reso 2006-995 - Laserfiche WebLink

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IX. Eligibility Requirements to Receive Medical Benefit Payments from the VantageCare Retirement Health Savings Plan A. This section defines your benefit eligibility provisions. You may select: o Retirement, as defined in Section VILC. o Separation from service, with criteria defined by the employer, if desired o Attainment of a certain age o A combination of retirement and a certain age. If you designate retirement as a portion of your eligibility criteria, you must define "retirement" in Section VILC. even if you did not specify a vesting schedule in Section VII.B. B. Use this section to specify benefit eligibility criteria for employees that separate from service prior to attain- ing the general benefit eligibility you have selected in Section A. For example, if your general benefit eligibility criteria requires employees to "retire" before they become eligible for benefits, you may have some employees that separate from service prior to retirement; in this situation, you need to designate a specific time for those early-separating employees to become eligible for benefits. You might specify immediate eligibility or a certain age (e.g. retirement age under your general pension program). If you do not specify benefit eligibility criteria in Section B., employees that leave employment prior to attainment of your general benefit eligibility may never attain benefit eligibility, and their account will not be available for use until the employee's death. c. Note that employees will automatically become eligible for medical benefits if they are disabled. In addition, upon the death of the employee, the surviving spouse and dependents will automatically become eligible for benefits. See Section XI. X. Permissible Medical Benefit Payments - This section is used to designate the medical expenses that will qual- ify for reimbursement under your RHS Plan. You may offer reimbursement for all qualifying medical expenses as defined in Internal Revenue Code Section 213 (Le. medical costs that would otherwise be deductible to the employee on his or her individual income tax return) other than direct long-term care expenses. Alternatively, you may pick and choose the benefits that will be provided. For example, reimbursements may be made avail- able only for health insurance premiums, COBRA premiums, Medicare supplemental insurance premiums, den- tal insurance premiums, out-of-pocket medical costs, qualified long-term care insurance, etc. The employer may allow reimbursement for only one benefit, or for any combination of qualifying medical costs. Information about what constitutes a qualifying medical expense can be found in IRS Publication 502, Medical and Dental Expenses (available on the IRS Web site at http://www.irs.govl). XI. Death Benefit - This section is used to define the treatment of the participant's account balance at death. Upon the death of the parti6pant, the surviving spouse andlor surviving eligible dependents are immediately eli- gible to maintain the account and utilize it to fund eligible medical benefits. If there are no surviving spouse or dependents, a designated beneficiary will be allowed to use the account assets for medical expense reimburse- ments. (For example, the participant might name his or her adult children or a parent as beneficiary.) Upon notification of the death of the participant. ICMA-RC will create a new account in the transferee's name and move all funds into the Vantagepoint Money Market Fund.. The transferee may move the money into other investments once the new account has been established. · Please read the current prospectus carefully prior to investing. An investment in this fund is neither insured nor guaranteed and there can be no assurance that the Fund will be able to maintain a stable net asset value of $7.00 per share. Vantagepoint Mutual Funds are distributed by ICMA-RC Services, LLC, a controlled affiliate of ICMA Retirement Corporation. Member NASD/SIPC. XII. De Minimis Accounts Upon separation of service from the Employer prior to a Participant becoming eligible for medical benefits from a VantageCare Retirement Health Savings Plan account, Participant accounts that are considered de minimis as specified in Section XII will be paid to the Participant. 9