Common use of Section 125 Program Clause in Contracts

Section 125 Program. The North East School District shall establish the Security Flex 125 Program. Security Benefit will be the 125 administrator and insurance carrier in accordance with the provisions of Section 125 of the Internal Revenue Code. Employees may voluntarily participate in the 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 Security Benefit. 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.