Flexible Spending. The Board agrees to establish and provide to employees a flexible spending benefit cafeteria fringe benefit program as provided in Section 125 of the Internal Revenue Code. The purpose of such program will be to: provide the framework for adding new benefits at minimal cost to the Board; offer flexibility to employees in the selection of fringe benefits that will permit each employee to tailor benefits to his/her individual needs; and to reduce taxes, thereby increasing spendable income. The effective date for employee benefits to begin under this shall be as soon as possible. Any monies in such program which are forfeited by law shall inure to the Board to offset the costs of administration.
Appears in 8 contracts
Samples: Contractual Agreement, Contractual Agreement, Contractual Agreement
