Common use of Fringe Benefit Program Clause in Contracts

Fringe Benefit Program. The Board shall establish a fringe benefit program to comply with Section 125 of the Internal Revenue Code. The Board shall provide the opportunity for each employee to execute a salary reduction agreement once annually to cover all premiums for the employee’s selected benefits. Once the annual allocation for each selected benefit is made, no change will be allowed except to address fluctuations in health care premiums and qualifying events such as death of spouse, divorce, birth or adoption of a child.

Fringe Benefit Program. ‌ The Board shall establish a fringe benefit program to comply with Section 125 of the Internal Revenue Code. The Board shall provide the opportunity for each employee to execute a salary reduction agreement once annually to cover all premiums for the employee’s selected benefits. Once the annual allocation for each selected benefit is made, no change will be allowed except to address fluctuations in health care premiums and qualifying events such as death of spouse, divorce, birth or adoption of a child.