2017 011 Ordinance - Laserfiche WebLink

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SECTION I INTRODUCTION THIS INSTRUMENT made and published by Mayfield Village (hereinafter called "Company", "Employer" or "Plari Sponsor") on January 1, 2017, creates the Health Reimbursement Account Plan, as follows: 1.01. Establishment of Plan The Employer named above hereby establishes aself-funded Health Reimbursement Account Plan (the "Plan") as of the Effective Date specified in Section 2.06, below. 1.02. Purpose of Plan This Plan has been established to reimburse the eligible Employees of the Employer for the cost of medical or prescription expenses incurred by them, their Spouses, and their dependents. Expenses eligible for reimbursement are those benefits which are eligible for reimbursement under the employer sponsored fully insured health program but are not reimbursed because they are applied to the participant out-of-pocket expense of the fully insured plan. Under such Plan, payment shall be made to the Participant as reimbursement for health-related expenses (medical or prescription) incurred while an Employee, during the Plan Year for which the Participant's election is effective, by the Participant or his dependents. The extent of reimbursement of these expenses is outlined herein. It is intended that the Plan meet the requirements for qualification under Code Sec. 106, so that the Employer's contributions on behalf of participating Employees will be excludable from gross income for federal income tax purposes, and Code Sec. 105, so that benefits paid Employees hereunder will be excludible from their gross incomes. Ma~eld Village HRA Plan 0117.doc