SECTION 79 PLAN Sample Clauses

The SECTION 79 PLAN clause outlines the requirements and procedures for establishing and maintaining a plan under Section 79 of the Internal Revenue Code, which typically relates to group-term life insurance provided by employers to employees. This clause specifies eligibility criteria, coverage limits, and administrative responsibilities for both the employer and employees participating in the plan. Its core practical function is to ensure compliance with tax regulations while providing a structured framework for offering life insurance benefits, thereby reducing legal and financial risks for the employer.
SECTION 79 PLAN. It is the intention of the Employer that the premiums paid for the benefits described in Item F(5) of the Adoption Agreement shall be eligible for exclusion from the gross income of the Participants covered by this benefit plan to the extent provided in Code Section 79, and all provisions of this benefit plan shall be construed in a manner consistent with that intention.
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Related to SECTION 79 PLAN

  • Section 125 Plan The Trustees shall continue the Section 125 plan to allow pretax treatment of the employee’s share of health and dental insurance premiums. The plan will be available as soon as practicable, but no later July 1, 1998. The plan will be amended to include a medical reimbursement account and a dependent care reimbursement account to be available for enrollment no earlier than July 1, 2003, but no later than December 31, 2003.

  • Section 14 Upon timely request, the Department of Administrative Services shall make available at no cost to the Union the latest copy of any SEIU Local 503, OPEU bargaining unit employee statistical and expenditure reports relative to employment and benefits currently produced by the Department of Administrative Services which do not require manual or machine editing to remove confidential data or non-SEIU Local 503, OPEU bargaining unit employee data. Such request must be made in advance of the preparation of the reports. If new and appropriate employee statistical and expenditure reports are produced by the Department of Administrative Services, the Department and the Union may mutually agree in advance to provide such reports at no cost.

  • Section 10 11. Article 10 Not To Prevent Events of Default or Limit Right To Accelerate..................................... 91 SECTION 10.12. Trust Moneys Not Subordinated........................... 91 SECTION 10.13. Trustee Entitled To Rely................................ 92 SECTION 10.14.

  • Section 4.5 37 The President of the Association and designated representatives will be provided time off without loss of 38 pay to a maximum of three (3) days per year to attend regional or State meetings when the purpose of 39 those meetings is in the best interests of the District as determined by the District administration.

  • Section 12 contained herein shall be construed to include in the bargaining unit any person whose duties 44 as deputy, administrative assistant, supervisor, ▇▇▇▇▇▇▇ or secretary necessarily imply a confidential 45 relationship to the Board of Directors or Superintendent of the District pursuant to RCW 41.56.030 (2).