Section 125 Cafeteria Plan. The district shall offer a Section 125 cafeteria plan for all eligible employees consistent with the present cafeteria plan currently offered by the district, so long as the same is authorized by law.
Section 125 Cafeteria Plan. The section 125 Cafeteria Plan allows employees to lower their gross pay BEFORE income tax and social security taxes are calculated. By lowering the taxable income, the employee will lower his/her taxes and take home more money in each paycheck.
Section 125 Cafeteria Plan. The Board shall maintain a Flexible Benefits Plan (the “Plan”) intended to qualify as a “cafeteria plan” under Section 125 of the Internal Revenue Code (the “Code”). A full-time or regular part-time employee may participate in the Plan by filing an election form and all applicable insurance forms with the Board Treasurer. As set forth above, certain insurance coverage is provided without cost to participants, while other coverage involves a monthly charge to participants. The Plan will provide an employee with an option to pay the employee portion of such costs with pre-tax (federal income tax) dollars, which will reduce the compensation otherwise payable to the employee, or to receive such compensation. An employee who does not elect to reduce his/her compensation would have to pay such costs with after-tax (federal income tax) dollars. The cost of the employee’s share of insurance benefits will be determined at the applicable monthly rates in effect from time to time. The benefits of the Plan will be provided only to those employees who are properly enrolled as participants. The exact terms of the Plan will be subject to the requirements of Section 125 of the Code and the regulations and interpretations thereunder.
Section 125 Cafeteria Plan. The Board shall establish a flexible benefit plan intended to qualify as a "Cafeteria Plan" within the meaning of Section 125 (d) of the Internal Revenue Code of 1954, as amended to provide teachers with a choice of receiving certain taxable and tax-free benefits provided by the Board.
Section 125 Cafeteria Plan. Employees may participate in the District's IRS Section 125 Cafeteria Plan.
Section 125 Cafeteria Plan. 1. Each teacher’s premium deductions for fringe benefits under this plan will be deducted on a pre-tax basis and pursuant to IRS guidelines. Each teacher must complete the necessary forms and provide documentation establishing eligibility to participate in this plan.
Section 125 Cafeteria Plan. 2.1.1 It is the intent of the Employer to establish this program in conformity with Section 125 of the Internal Revenue Code of 1986 as amended, and in compliance with applicable rules and regulations issued by the Internal Revenue Service.
Section 125 Cafeteria Plan. Each teacher shall be able to participate in a salary reduction option under I.R.C. Section #125 Cafeteria Plan provided by Security Benefit Life. The teacher shall notify the clerk of the board annually, on a form provided by the clerk, prior to September 1, of his/her requested method of allocation. Allocation shall be made annually and only prior to September 1 or within one (1) pay period for a teacher employed after the commencement of the year.
Section 125 Cafeteria Plan. The Board shall maintain a Section 125 Cafeteria Plan (“Cafeteria Plan”) that is designated to allow employees who must make employee contributions for health care, dental and/or vision coverage to elect to do so on a pre-tax basis. The Cafeteria Plan will be designated to meet the requirements of Internal Revenue Code Section 125 and applicable regulations. Employees may contribute up to $2,500.00 per calendar year. An employee may elect to carry over to the immediately following plan year of up to $500.00 of any amount remaining unused as of the end of the plan year in a Health Flex Spending Account. An on-going committee will be formed to review current programs and their costs, explore new options for insurance, and analyze data collected from current programs and collect information helpful to predict changes in insurance premiums.
Section 125 Cafeteria Plan. The Board shall establish a Section 125 Cafeteria Plan, pursuant to the rules and regulations of the Internal Revenue Service. Employees that waive their family health care and prescription insurance coverage shall be paid $5,000 per year, employees that waive their two adult health care and prescription coverage shall be paid $4,000 per year. Employees shall have a right to opt out/in of Section 125 Plan each year by following these procedures. Requests for a waiver/inclusion must be submitted on or before May 1, in the school year prior to the waiver/inclusion. Payments for the waiver shall be made in two equal installments on December 15th and June 15th of the school year for which coverage is waived.
