Plan 125 Sample Clauses
The "Plan 125" clause establishes the terms and conditions for participation in a Section 125 cafeteria plan, which allows employees to pay for certain benefits with pre-tax dollars. Typically, this clause outlines eligibility requirements, enrollment procedures, and the types of benefits that can be selected, such as health insurance premiums, dependent care assistance, or flexible spending accounts. By defining these parameters, the clause enables employees to reduce their taxable income while ensuring the employer complies with IRS regulations, ultimately providing tax savings and benefit flexibility for both parties.
Plan 125. The Board shall select a carrier for a Section 125 plan available to each member of the bargaining unit. There will be no maintenance charges to the Board. Bargaining unit members shall have the right to participate in all phases of the 125 plan (i.e. medical premium, medical out of pocket and qualified dependent care.) All employees must annually sign the form to participate in the program or to decline participation.
Plan 125. All employee contribution for Hospitalization/Dental Coverage are deducted on a pre-tax basis toward their share of the cost of the benefits. The employee should refer to the Summary Plan Description of the Benefit Plan for the Employees of Conn-Selmer, Inc. for details regarding this program.
Plan 125. The district offers an IRS Section 125 plan and flexible spending accounts for medical expenses and dependent care to members of the business office.
Plan 125. The Board shall select a carrier for a Section 125 Plan available to each member of the bargaining unit. Bargaining unit members shall have the right to participate in all phases of the 125 Plan (e.g. medical premium, medical out of pocket and qualified dependent care).
Plan 125. A plan under Internal Revenue code Section 125 shall be adopted for every member of the bargaining unit who qualifies. Each bargaining unit member who is qualified shall have the right to participate in the Section 125 plan.
Plan 125. The District shall maintain an IRS Section 125 plan and make available to members of the bargaining unit Flexible Spending Accounts for medical expenses and dependent care.
Plan 125. An employee may choose to have their employee contribution for Hospitalization/Dental Coverage deducted on a pre-tax basis toward their share of the cost of the benefits. The employee should refer to the Summary Plan Description of the Benefit Plan for the Employees of United Musical Instruments U.S.A., Inc. for details regarding this program.
Plan 125. The Board of Education agrees to establish an IRC Section 125 "Cafeteria" Fringe Benefit Plan for the professional employees of the District. The options to be included in the Plan are: cancer insurance, short- term disability (salary protection) insurance, dental insurance, dependent care expenses, and medical reimbursement expense. Although it is not currently anticipated that the Board will terminate this Plan, the Board necessarily reserves the right to amend the Plan as it determines and the right to terminate the Plan at an indefinite time in the future.
Plan 125