Cafeteria Option Sample Clauses
The Cafeteria Option clause allows employees to select from a range of benefit options provided by their employer, tailoring their benefits package to best suit their individual needs. Typically, employees are given a set amount of credits or funds to allocate among various benefits such as health insurance, dental coverage, retirement plans, or flexible spending accounts. This clause ensures flexibility and personalization in employee benefits, addressing the diverse needs of a workforce and increasing overall satisfaction with the benefits program.
Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the employee elects a cash option in lieu of health insurance, the amount of the cash option shall be equal to $400 per month. If the employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $450 per month. An employee may elect to defer such cash into an IRS 403b account. To do so, the employee may be required to enter into a salary reduction agreement. An employee who opts to use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of employees will not commence until all of the proper forms and documentation are filed with the business office.
Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide Employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the Employee elects a cash option in lieu of health insurance, the amount of the cash option shall be equal to $185 per pay period. If the Employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $208 per pay period. An Employee may elect to defer such cash into an IRS 403b account. To do so, the Employee may be required to enter into a salary reduction agreement. An Employee who opts to use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of Employees will not commence until all of the proper forms and documentation are filed with the business office. Employees electing the cash option shall complete the Appendix E form annually. Technical & Education Center Staff Assigned as Advisor to a Student Organization shall receive the following compensation: 1 or more REGIONAL $450 *If an instructor does not have a competition available to them for their program content at the regional level and his students go only to the state level, that instructor shall receive the $450 stipend only at the state level.
Cafeteria Option. Bargaining unit members who opt not to utilize the RPOA benefit package, and who can document to the City's satisfaction that the member has comparable group insurance benefits through a spouse's plan or through another source (e.g. retired military benefits) shall receive a payment of $244 a month in lieu of the health and welfare premium. This option is available upon initial employment and at the annual insurance benefits "open period." Bargaining unit members receiving $244 in lieu of benefits may apply the credit towards an IRS Section 125 Flexible Benefits Plan.
13.B.1. The City shall contract with the CALPERS Health Benefits Program to provide medical insurance for all active employees, future retirees and future eligible survivors. Eligibility of retirees and survivors of retirees to participate in this program shall, be in accordance with the regulations promulgated by CALPERS.
13.B.2. The City shall pay the minimum required amount per month to CalPERS on behalf of each active employee, eligible retired employee, or eligible survivor of a retired employee who subscribes with CalPERS for coverage. This amount on behalf of retirees or their eligible survivors shall be increased annually as required by CalPERS regulations.
13.B.3. In addition to the contributions listed above, the City shall establish a benefit account for each active employee eligible for medical coverage who has enrolled in one of the
13.B.4. The City shall not treat the City contributions of the amount the employee receives indicated in Section 13.B.2 or the Employee Benefit Account as compensation subject to income tax withholding unless the Internal Revenue Service or the Franchise Tax Board indicates that such contributions are taxable income subject to withholding. Each employee shall be solely and personally responsible for any federal, state, or local tax liability, or penalty that may arise out of the implementation of this section.
Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide Employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the Employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $230 per pay period. An Employee may elect to defer such cash into an IRS 403b account. To do so, the Employee may be required to enter into a salary reduction agreement. An Employee who optsto use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of Employees will not commence until all of the proper forms and documentation are filed with the business office. Employees electing the cash option shall complete the Appendix E form annually. Technical & Education Center Staff Assigned as Advisor to a Student Organization shall receive the following compensation: 1 or more REGIONAL $450 *If an instructor does not have a competition available to them for their program content at the regional level and his students go only to the state level, that instructor shall receive the $450 stipend only at the statelevel.
Cafeteria Option. Bargaining unit members who opt not to use the above medical insurance, and who can document to the City's satisfaction that he/she has group health insurance benefits through a spouse's plan or through another source shall receive a credit of $200 ($150 if not eligible for dependent coverage) a month. This option is available upon initial employment and at the annual insurance benefits "open period." In the event alternative coverage is lost, the City will allow immediate reinstatement to the City's health plan as described in the preceding paragraphs. Bargaining unit members receiving the $200 credit in lieu of benefits may apply the credit towards the IRS Section 125 Flexible Benefits Plan described in section III.A.6., or receive the $200 as a taxable addition to their salary.
Cafeteria Option. Bargaining unit members who opt not to use the above medical insurance, and who can document to the City's satisfaction that he/she has group health insurance benefits through a spouses' plan or through another source (e.g., retired military benefits) shall receive a credit of $200 ($150 if not eligible for dependent coverage) a month. This option is available upon initial employment and at the annual insurance benefits "open enrollment” period. In the event alternative coverage is lost, the City will allow reinstatement within 30 days of the loss of coverage date to the City's health plan as described in the preceding paragraphs. Bargaining unit members receiving the $200 credit in lieu of benefits may apply the credit towards the IRS Section 125 Flexible Benefits Plan described in F. below, or receive the $200 as a taxable addition to their salary.
Cafeteria Option. The cafeteria option of Article V, Section 10 will be discontinued effective close of business on June 30, 2017, and that provision shall be deleted from the successor collective bargaining agreement. In addition, each unit member employed on June 30, 2017 shall have his or her base salary increased by the dollar amount of the cafeteria option in effect during the 2016-17 school year immediately before applying the percentage increase to salaries as set forth above for the 2017-18 school year.