Common use of Salary Reduction Plan Clause in Contracts

Salary Reduction Plan. The Board will establish an IRS Section 125C Salary Reduction Plan or Health Savings Account to afford VEA employees the opportunity to pay qualified amounts for health insurance, premiums, co-pay and deductibles, child care, etc., with pre-tax dollars, thus accruing net savings to employees for qualified out-of- pocket expenses.

Salary Reduction Plan. The Board will establish an IRS Section 125C Salary Reduction Plan or Health Savings Account to afford VEA employees members the opportunity to pay qualified amounts for health insurance, premiums, co-pay and deductibles, child care, etc., with pre-tax dollars, thus accruing net savings to employees for qualified out-of- of-pocket expenses.