Section 125 Flexible Benefit Plan Sample Clauses

Section 125 Flexible Benefit Plan. The District shall offer an IRS Section 125 Flexible Benefit Plan to all faculty members.

Section 125 Flexible Benefit Plan. The North East School District shall establish a Section 125 Flexible Benefit Plan in accordance with the provisions of Section 125 of the Internal Revenue Code. Employees may voluntarily participate in a Flexible Spending Account to pay for dependent care and unreimbursed medical expenses in accordance with the provisions of Section 125 of the Internal Revenue Code. North East School District will establish a payroll deduction slot for the District selected Third Party Administrator of the Section 125 Flexible Benefit Plan. An employee may elect to withdraw or enroll from the plan on a yearly basis at times approved by the District, the plan administrator and the Internal Revenue Code.

Section 125 Flexible Benefit Plan a. The Board shall adopt a flexible benefit plan under the provisions of Section 125 of the Internal Revenue Code. The plan shall include premium conversion, medical reimbursement and dependent/child care provisions. b. To the extent provided by law, the plan may be used for the purchases of health and dental insurance, optional term life insurance offered by the District and other benefits mutually agreed to by the Board and Association.

Section 125 Flexible Benefit Plan. The Board will establish an IRS Section 125 Plan (“Plan”) available for Employees covered by this Contract. The summary of benefits can be found on the District’s website. That Plan will provide as follows:

Section 125 Flexible Benefit Plan. There will be an IRS Section 125 Plan (“Plan”) made available for Employees covered by this Agreement. The summary of benefits can be found on the District’s website. That Plan will provide as follows: 15.1.8.1 Board Contribution to Major Medical Insurance. Employees who are regularly assigned at least 0.50 FTE for the full school year and who elect to participate in Board-sponsored major medical insurance (“health premium benefits”) of any type (i.e., HMO, PPO, HDHP, etc.) will receive a Board contribution toward the purchase of such insurance coverage. That Board contribution for the 2023 calendar year shall be $9,284.00 for single coverage and shall be $23,211.00 for family coverage. For future contract years (calendars years 2024, 2025, 2026 and 2027), any increase in the health premiums will be determined using a blended rate of the premiums for each of the Board- sponsored major medical insurance options (HMO, PPO, HDHP, etc.). Specifically, the increase (determined by the use of a blended rate) will be managed as follows: (1) if the blended rate of the premiums increases up to and including eight percent (8%) over the prior year’s premium, the Board and the HHSTA will split the increases equally (i.e., the Board’s increased contribution shall be limited to a total of 4% per year); (2) if the blended rate of the premiums increases over 8% of the prior year’s premium, the Employee will be responsible for the balance. Example for when the increase exceeds eight percent (8%): If the PPO insurance premium for the 2023 insurance year is $10,000.00, the Board will pay $9,284.00 and the Employee will pay $716.00. If in the 2024 insurance year, the blended rate of the insurance premiums increases to $10,900.00 (9% increase over the prior year’s PPO premium), the Board pays $9,684.00 (4%) and the Employee pays $1,216.00 (5%). Example for when the increase is equal to or less than eight percent (8%): If the PPO insurance premium for the 2023 insurance year is $10,000.00, the Board will pay $9,284.00 and the Employee will pay $716.00. If in the 2024 insurance year, the blended rate of the insurance premiums increases to $10,600.00 (6% increase over the prior year’s PPO premium), the Board pays $9,584.00 (3%) and the Employee pays $1,016.00 (3%). 15.1.8.2 As further set forth in the Plan document, the Employee may apply the Board contribution toward any of the health premium benefits available in the Plan (e.g., HMO, PPO, or HDHP/HSA coverage). However, the Boar...

Section 125 Flexible Benefit Plan. Section 125 Flexible Benefit Plans will be offered to all bargaining unit members on a yearly basis in compliance with Internal Revenue Service regulations. The Administration shall assure this option through payroll deduction.

Section 125 Flexible Benefit Plan. The District shall implement a §125 Internal Revenue Code Flexible Benefit Plan to include all health-related costs (e.g., deductibles, co-pays, prescriptions, etc.) at no cost to the School District, through a third party administrator, as selected by the District with prior input from the RTA.

Section 125 Flexible Benefit Plan. Section 125 Flexible Benefit Plan shall be made available to employees covered by the agreement. 30 The provider of such plan may change from time to time, however, whenever that occurs, the Union 31 and the employees shall be advised of such change and shall be provided with all information 32 concerning the plan provided by the new provider. 33 34 35 ARTICLE XIV 36 37 PROFESSIONAL DEVELOPMENT 38

Section 125 Flexible Benefit Plan. The College shall provide each faculty member the opportunity to participate in an IRS Section 125 Flexible Benefit Plan, premium conversion and flexible benefits of dependent care and non-reimbursed medical costs, provided that administrative costs related to such plan, including, but not limited to start-up costs, user costs and assessment costs, are not borne by the College.