Section 125 Option - Salary Reduction Plan. The Board shall maintain a salary reduction plan which meets the requirements of Section 125 of the Internal Revenue Code of 1986, as amended, ("Code"). If at any time Code Section 125 or its related regulations are amended, the parties shall promptly revise the plan to comply with amendment(s). An employee may annually elect to participate by choosing to receive benefits for the purposes set forth below, and in the amounts specified. The total amount elected shall be deducted from each employee's compensation. Prior to the beginning of the plan year (which begins January 1 of each year), each employee shall, in writing, designate the dollar amount(s) elected for that year for each of the following benefits:
Appears in 7 contracts
Samples: A Contractual Agreement, A Contractual Agreement, A Contractual Agreement
