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(i) Student shall have the meaning provided in Section 21(e)(7) of the Code which means <br />an individual who during each of five (5) calendar months during the taxable year is a full <br />time student at an educational organization which normally maintains a regular facility <br />and curriculum and normally has a regularly enrolled body of students in attendance at <br />the place where its educational activities are regularly carried on as provided in Sections <br />21(e)(8) and 170(b)(1)(A)(ii) of the Code. <br />12.4 DC Account. The DC Account will be credited as of each date Compensation is paid to the <br />Participant with apro-rated portion of the Participant's Election for the Plan Year. A Participant's <br />DC Account will be decreased from time to time in the amount of payments made to the <br />Participant for eligible Dependent Care Expenses incurred during the Plan Year. <br />12.5 Claims for Reimbursement. A Participant who has made an Election for a Plan Year may <br />apply to the Claims Administrator for reimbursement of eligible Dependent Care Expenses <br />incurred during such Plan Year by submitting a claim form provided by the Claims Administrator <br />setting forth at least the following: <br />(a) the amount, date and nature of the expense, <br />(b) the name of the person or entity to which the expense was paid, <br />(c) the Participant's statement that the expense has not been reimbursed or is not <br />reimbursable from any other source, and <br />(d) such other information as the Claims Administrator may require. <br />Such claim form shall be accompanied by bills, invoices, receipts, or other statements from an <br />independent third party stating the eligible Dependent Care Expense has been incurred and the <br />amount of the expense. The Claims Administrator may, to the extent provided by law, rely on <br />information provided by Participants. <br />12.6 Incurred Expenses. To be reimbursable, an eligible Dependent Care Expense must have been <br />incurred after participation in this portion of the Plan began and during the Plan Year for which <br />reimbursement is claimed. An expense is "incurred" when the Participant is provided with the <br />care which gives rise to the eligible Dependent Care Expense, not when the service is billed or <br />paid. Reimbursement shall not be made for future or projected expenses. <br />12.7 Reimbursement of Expense. The Participant shall be reimbursed at least either (a) once per <br />month, or (b) when the total reimbursement for Dependent Care Expenses first equals or <br />exceeds $50.00. Reimbursements shall be made from the Participant's DC Account for eligible <br />Dependent Care Expenses incurred during the applicable Plan Year for which the Participant <br />submits the documentation required under Section 12.5. In no case shall a payment be made <br />which exceeds the balance in the Participant's DC Account at the time reimbursement is <br />requested. If a claim for reimbursement exceeds the balance in the Participant's DC Account, the <br />excess part of the claim will be carried over into following pay periods, to be paid as the <br />Participant's balance becomes adequate. However, under no circumstances will any balance <br />remaining in a Participant's DC Account at the end of the Plan Year be carried over to the next <br />Plan Year. <br />12.8 Maximum Reimbursement. The maximum reimbursement that a Participant may receive in a <br />tax year under this portion of the Plan shall be the lesser of: <br />©2007 Hitesman & Associates, P.A. 29 Elk River Municipal Utilities <br />122707 Flexible Benefits Plan <br />