Section 125 Salary Reduction Benefits Sample Clauses

Section 125 Salary Reduction Benefits. The Board of Education shall furnish employees of USD 434, Osage County, with a choice of receiving certain tax-free benefits provided by the district in lieu of taxable compensation. It is the intention of the district that the plan qualifies as a salary reduction “Cafeteria Plan” within the meaning of Section 125 (d) of the Internal Revenue Code of 1954, as amended, and that the benefits which an employee elects to receive under the Plan be eligible for exclusion from such employee’s income under Section 125 (a) of the Internal Revenue Code of 1954, as amended. Provided further the sum of money to be used by the professional employee toward the purchase of nontaxable benefits shall not exceed $2600 per year for medical expenses or $5000 per year for dependent care expenses in 2017. The amount shall be determined by the professional employees once each year on or before August 30, unless such date falls on or during a school holiday, vacation or weekend. The date would then be the last previous working day. These benefits, which are hereinafter referred to as the “plan,” may include (1) health insurance (hospitalization), (2) vision insurance, (3) dental insurance, (4) childcare expense, and (4) unreimbursed medical expense. A teacher deciding to reduce his/her salary must provide written notice to the superintendent, on forms provided by the superintendent, on or before August 30 for new employees (for either health or disability insurance) or prior employees selecting enrollment in disability insurance and August 30 of each year for current employees selecting new enrollment in either health or disability insurance. (Current employees may enroll in the health insurance program only on the policy anniversary.) Teachers who become employed after the school year begins may enroll in the health and/or disability insurance plan within 30 days after the date of employment. The notification shall include the dollar amount of salary reduction and the benefits desired. The benefits or the amount of salary reduction may not be changed during the plan year except changes in the amount of salary reduction will be allowed upon a change of family status of the employee as provided in the plan agreement or in the event of a termination of one of the plan benefits. In the event of a premium refund from the participating health insurance company, such refund shall be returned to the teachers in the proportion of the share of the cost assumed by each individual teacher.
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Section 125 Salary Reduction Benefits. The Board of Education shall furnish employees of USD 434, Osage County, with a choice of receiving certain tax-free benefits provided by the district in lieu of taxable compensation. It is the intention of the district that the plan qualify as a salary reduction “Cafeteria Plan” within the meaning of Section 125 (d) of the Internal Revenue Code of 1954, as amended, and that the benefits which an employee elects to receive under the Plan be eligible for exclusion from such employee’s income under Section 125 (a) of the Internal Revenue Code of 1954, as amended. Provided further the sum of money to be used by the professional employee toward the purchase of nontaxable benefits shall not exceed $1,800 per month. The amount shall be determined by the professional employees once each year on or before August 30, unless such date falls on or during a school holiday, vacation or weekend. The date would then be the last previous working day. These benefits, which are hereinafter referred to as the “plan,” may include: (1) health insurance (hospitalization), (2) vision insurance, (3) dental insurance, (4) childcare expense, and (4) unreimbursed medical expense. A teacher deciding to reduce his/her salary must provide written notice to the superintendent, on forms provided by the superintendent, on or before August 30 for new employees (for either health or disability insurance) or prior employees selecting enrollment in disability insurance and August 30 of each year for current employees selecting new enrollment in either health or disability insurance. (Current employees may enroll in the health insurance program only on the policy
Sample 1

Related to Section 125 Salary Reduction Benefits

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Salary Reduction The Salary Reduction Agreement (SRA) is to be used to establish, change, or cancel salary reduction withheld from your paycheck and contributed to the 403(b) plan on your behalf. To change, begin, or cancel contributions, enter your desired amount(s) and investment provider(s). This SRA will cancel and replace any previously submitted SRA. You must list all new and existing deductions on this SRA form or they will be cancelled. The salary reductions identified in the space below will be the only deductions performed starting on the Effective Date. Investment Provider Name* Monthly Dollar Type of Deferrals Requested Action Effective Amount Pre-Tax 403(b) Xxxx 403(b) Other New Existing Date** $ Change Cancel New Existing $ Change Cancel New Existing $ Total Monthly Contributions Change Cancel *Please Note: Certain investment providers may not pay the administration fee. If you select an investment provider that does not pay the administration fee, the fee will be deducted and paid from your salary reduction amount. Please refer to the approved vendor list at xxx.xxxxxxxxxxx.xxx/000x for a current listing of providers that have agreed to pay the fee. **Please make the SRA due date for your district the effective date. Any other date will defer to the next calendar SRA date.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

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