IRC 125 Sample Clauses
IRC 125 refers to a section of the Internal Revenue Code that governs cafeteria plans, which are employee benefit plans allowing workers to choose among two or more benefits consisting of both taxable and nontaxable options. Under this provision, employees can allocate a portion of their salary on a pre-tax basis to pay for qualified benefits such as health insurance, dependent care, or flexible spending accounts. The primary function of IRC 125 is to provide a tax-advantaged way for employees to customize their benefits package, thereby increasing flexibility and reducing taxable income for participants.
IRC 125. The Board will continue its Section 125 Plan under the Internal Revenue Code.
IRC 125. The District shall implement an IRC (Internal 17 Revenue Code) 125 payroll deduction plan. The District agrees to solicit CSEA's 18 input in identifying a third party administrator for such a plan. The District reserves 20 administration fee associated with the payroll deduction plan shall be the sole 21 responsibility of the unit member utilizing the plan.
IRC 125. The District agrees to establish and support an IRC 125 Flexible Spending Plan offered by American Fidelity Assurance or similar service provider mutually agreed upon by CSEA and the District effective July 1, 2006. The District will provide locations where unit members can meet with servicing representatives to allocate spending account funds each plan year. There will be no cost of plan administration to bargaining unit members.
IRC 125