Section 125 Plan (Cafeteria Plan) Sample Clauses
Section 125 Plan (Cafeteria Plan). A. The Board shall establish a “Cafeteria Plan” that is designed to (a) allow members who must make member contributions for health care coverage to elect to do so on a pre-tax basis, (b) allow members to elect to receive additional cash in lieu of Board paid health care coverage (as agreed to by the Board and the PEA), and (c) allow members to elect to participate in the dependent care and medical care flexible spending accounts (FSAs) described in paragraph (C) below. In accordance with the foregoing, the Waiver of Coverage (Section 24.7) provisions of this Agreement shall be made through the Cafeteria Plan.
B. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (IRC) Section 125 and applicable regulations. Accordingly, each member will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted during an enrollment period specified by the Plan Administrator before the beginning of the plan year (January 1st through December 31st). Any member employed after the enrollment period may enroll in the Section 125 Plan using the same timelines as enrolling for insurance coverage and, for the first year of employment. The enrollment in the Section 125 Plan may not be revoked during the current plan year unless there is a change in the member’s circumstances that, in accordance with IRC Section 125, permits the member to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). If revoked, any account balance will be governed by paragraph C.iii. Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurer’s office.
Section 125 Plan (Cafeteria Plan). A. The Board shall establish a “Cafeteria Plan” that is designed to allow employees who must make employee contributions for health care coverage to elect to do so on a pre-tax basis. The “Cafeteria Plan” shall allow employees the option to elect to participate in the dependent care and medical care flexible spending accounts (“FSA’s”) described in paragraph C below.
B. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (“IRC”) Section 125 and applicable regulations. Accordingly, each employee will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted during the enrollment period of each school year as determined by the Board Treasurer and may not be revoked during the current plan year unless there is a change in the employee’s circumstances that, in accordance with IRC Section 125, permits the employee to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). If revoked, any account balance will be governed by paragraphs C.3. Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurer’s office.
Section 125 Plan (Cafeteria Plan). 1. The Board shall maintain a “Cafeteria Plan” that is designed to allow teachers who must make employee contributions for health care coverage to elect to do so on a pre-tax basis. The “Cafeteria Plan” shall also allow teachers to elect to participate in the dependent care and medical care flexible spending accounts (FSAs”) described in paragraph 3 below.
2. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (“IRC”) Section 125 and applicable regulations. Accordingly, each teacher will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted during the enrollment period of each school year as determined by the Board Treasurer and may not be revoked during the current plan year (January 1st through December 31st ) unless there is a change in the teacher’s circumstances that, in accordance with IRC Section 125, permits the teacher to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). If revoked, any account balance will be governed by paragraph
Section 125 Plan (Cafeteria Plan). Effective March 1, 1998, a Cafeteria Plan is available for pre-tax benefits at the option of the employee. (1997- 1998; 1997-1999)
Section 125 Plan (Cafeteria Plan). 1. The Board shall establish, a “Cafeteria Plan” that is designed to (a) allow teachers who must make employee contributions for health care coverage to elect to do so on a pre-tax basis, and (b) allow teachers to elect to receive additional cash in lieu of Board paid health coverage (as agreed to by the Board and the Association).
2. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (“IRC”) Section 125 and applicable regulations. Accordingly, each teacher will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted at least ten
Section 125 Plan (Cafeteria Plan). 1. The Board shall establish, a “Cafeteria Plan” that is designed to (a) allow teachers who must make employee contributions for health care coverage to elect to do so on a pre-tax basis, and (b) allow teachers to elect to receive additional cash in lieu of Board paid health coverage (as agreed to by the Board and the Association).
2. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (“IRC”) Section 125 and applicable regulations. Accordingly, each teacher will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted at least ten (10) business days before the beginning of the plan year (July 1st through June 30th). Each teacher hired after July 1st may enroll in the Section 125 Plan within his/her first sixty (60) days of employment and during his/her first year of employment only. The Section 125 Plan year will begin the first month following the teacher’s first sixty (60) days of employment and will end on the following June 30th. The Section 125 Plan may not be revoked during the current plan year unless there is a change in the teacher’s circumstances that, in accordance with IRC Section 125, permits the teacher to change his/her election under the plan (e.g., divorce, death of a spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurer’s Office.
Section 125 Plan (Cafeteria Plan). 1. The Board shall continue to provide a "Cafeteria Plan" that is designed to (a) allow employees who must make employee contributions for health care coverage to elect to do on a pre-tax basis; and, (b) allow employees to elect to participate in the dependent care and medical care flexible spending accounts ("FSAs") described in §3 below. In accordance with the foregoing, any payments in lieu of insurance coverage provided by this Agreement shall be made through the Cafeteria Plan.
2. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code ("IRC") Section 125 and applicable regulations. Accordingly, each employee will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The election to participate must be submitted at least ten (10) business days before the beginning of the plan year (October 1 through September 30). Each employee hired after September 15 may enroll in the Section 125 Plan within his/her first sixty (60) days of employment and during his/her first year of employment only, the Section 125 Plan year will begin the first of the month following the employee's first sixty (60) days of employment and will end on the following September 30. The Section 125 Plan may not be revoked during the current plan year (October 1 through September 30) unless there is a change in the employee's circumstances that, in accordance with IRC Section 125, permits the employee to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). If revoked, any account balance will be governed by §5 below (Forfeiture of Unused Allocations). Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurer's office.
Section 125 Plan (Cafeteria Plan). 1. The Board shall maintain a "Cafeteria Plan" that is designed to (a) allow teachers who must make employee contributions for health care coverage to elect to do so on a pre-tax basis, and (b) allow teachers to elect to receive additional cash in lieu of Board paid health care coverage (as agreed to by the Board and the B.E.
A. and (c) allow teachers to elect to participate in the dependent care and medical care flexible spending accounts ("FSAs") described in Paragraphs 3 & 4 below.
2. The Cafeteria Plan will be designated to meet the requirements of Internal Revenue Code ("IRC") Section 125 and applicable regulations. The Plan Year of the Cafeteria Plan shall be October 1 through the following September 30. Accordingly, each teacher will have an opportunity on an annual basis to enroll in the Cafeteria Plan. The open enrollment dates for pre-tax and after-tax deductions are from September 1st — 15th each year. The election to participate must be submitted on or before September 15th of each school year and may not be revoked during the current Plan Year, unless there is a change in the teacher's circumstances that, in accordance with IRC Section 125, permits the teacher to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurers Office.
Section 125 Plan (Cafeteria Plan). 1. The Board has established a “Cafeteria Plan” that is designed to (a) allow teachers who must make employee contributions for health care coverage to elect to do so on a pre-tax basis, (b) allow teachers to elect to receive additional cash in lieu of Board paid health care coverage (as agreed to by the Board and the AEA), and (c) allow teachers to elect to participate in the dependent care and medical care flexible spending accounts (“FSAs”) described in paragraph 5 below. In accordance with the foregoing, the Payment in Lieu of insurance Coverage provisions of this Agreement shall be made through the Cafeteria Plan,
2. The Cafeteria Plan will be designed to meet the requirements of Internal Revenue Code (“IRC”) Section 125 and applicable regulations. Accordingly, each teacher will have an opportunity on an annual basis to enroll In the Cafeteria Plan. The election to participate must be submitted during the enrollment period of each school year and may not be revoked during the current plan year (January 1 through December 31st) unless there Is a change In the teacher’s circumstances that, In accordance with IRC Section 125, permits the teacher to change his/her election under the plan (e.g., divorce, death of spouse, change in employment status including employment status affecting a spouse or dependent, birth or adoption of a child, a child losing eligibility for coverage, a court order requiring coverage, or other enrollment rights consistent with federal law). If revoked, any account balance will be governed by paragraph 3.c. Details of the Cafeteria Plan will be provided on an annual basis at the time of enrollment and will also be available through the Board Treasurer’s office.