Flexible Benefits Plan. A flexible benefits plan, which is in accordance with Section 125 of the Internal Revenue Code, was implemented for eligible employees covered by this Agreement on October 1, 1990.
Flexible Benefits Plan. The School District of Xxx County shall offer its 30 employees an IRS Section 125 qualified Flexible Benefits Plan (Flex Plan). Voluntary benefits 31 included in the Flex Plan may be purchased pre-tax through payroll deduction or with Flex Credits.
Flexible Benefits Plan. The Employer agrees to institute flexible spending accounts for interested employees. Sometimes referred to as a cafeteria plan, flex plan, or a Section 125 plan – a Flexible Benefits plan lets the participant set aside a certain amount of their paycheck into an account – before paying taxes. During the year participants have access to this account for reimbursement of expenses they regularly pay for, such as healthcare and dependent daycare. Reimbursable expenses can include: • Deductibles, Co-pays, and Prescription Drugs • Expenses not covered by insurance • Dental Services and Orthodontics • Eyeglasses, Contacts, Solutions & Eye Surgery • Adult & Childcare Services • Other plan qualified expenses
Flexible Benefits Plan. All employees shall be eligible to participate, at no cost to them, in a flexible benefits plan to be established by the County. Such plan shall include segregated IRS accounts for child care and medical expenses.
Flexible Benefits Plan. The District will provide a cafeteria plan or flexible benefits plan which will permit pre-tax premium copayments for all fringe benefits which constitute “qualified benefits” permitted by the IRS to be offered on a pre-tax basis through a cafeteria plan. The plan will also permit eligible employees to choose between group medical coverage and the Cash Payment in Lieu of Medical/Hospitalization Insurance described in Section H(6)(a)&(b) of this article and permit employee and employer Health Savings Account contributions, subject to applicable tax requirements.
Flexible Benefits Plan. 9.4.1 The College agrees to arrange and administer the Flexible Benefits Plan. The selection of benefit carriers is subject to agreement of the Union. Benefits covered include: ▪ medical ▪ life insurance ▪ accidental death and disablement ▪ extended health ▪ dental ▪ orthodontic ▪ vision care ▪ elder care ▪ disabled dependent care ▪ medical and dental claims not eligible for coverage under other aspects of the flexible benefits plan ▪ recognized alternate professional health care coverage not eligible for coverage under other aspects of the flexible benefits plan and ▪ other benefits as may be added by mutual consent.
Flexible Benefits Plan. The Benefits Oversight Group shall make recommendations to the Board regarding set up, installation and operation of the plan.
Flexible Benefits Plan. The Board shall establish and maintain a cafeteria plan under Section 125 of the Internal Revenue Code. The cafeteria plan shall permit an employee who elects not to receive Board provided health insurance coverage to receive, in lieu of health insurance coverage, additional compensation in an amount described in this agreement. The additional compensation shall be subject to all required tax withholdings. The Board may revise the cafeteria plan, as necessary, to comply with the requirements of the Internal Revenue Code.
Flexible Benefits Plan. The University will provide an annual flexible benefit to each regular or recurring employee equivalent to $250.00 per year pro-rated for employees that are employed for less than a year. The benefit will be applied against the cost of one of: - Campus parking fees for available lots - Athletic fees (full membership); - Athletic fees (swimming only); - Trent Express Bus Pass; - City Bus Pass; - Aramark Dollars. If the value of the benefit selected is less than the benefit entitlement, the residual entitlement may be credited against one other benefit above. Each Flexible Benefit entitlement must be used entirely within the specified year and may not be carried forward to future years. The value of the unused entitlement expires on June 30 of each year. Flexible Benefit Allocation Forms must be submitted to Human Resources no later than September 20 of each year. While the University is currently in receipt of tax advice indicating that a Flexible Benefits Plan confers a taxable benefit on individuals participating in the Plan, it is understood and agreed that in the event the tax status of the Plan, or part thereof, becomes other than is currently understood, the Flexible Benefit, or applicable part thereof, shall be treated in accordance with Revenue Canada regulations.
Flexible Benefits Plan. 9.5 The specific coverage in each of the health care options shall be mutually determined by the Board and the employee organization(s) representing covered employees, and shall be provided in writing each year to the employees. The Board shall provide a prescription drug benefit for Cigna OAP and Cigna OAPIN plan members, as well as a mail order Prescription Drug Program for the purchase of maintenance type prescription drugs, including insulin and related supplies. Generic substitutions will be mandatory.
