Cafeteria plan definition
Examples of Cafeteria plan in a sentence
The Section 125 Cafeteria Plan is an employer sponsored benefits plan that lets employees pay for qualified medical and childcare expenses on a pre-tax basis.
Benefits available through the Cafeteria Plan include medical insurance, dental insurance, vision insurance and life insurance benefits.
The employee or retiree may be permitted to re-enroll in the County’s medical and prescription coverage due to a qualifying mid-year change in election event as set forth in the Section 125 Cafeteria Plan provided notification is made to the County’s Human Resources Department within thirty (30) days after coverage was lost.
In order to waive coverage and receive the cash payment, the employee or retiree must meet the following criteria: • Must certify and provide proof of medical and prescription coverage through a secondary source as explained in the Section 125 Cafeteria Plan; and • Must complete the Group Health Plan Waiver Agreement.
During the term of the MOU, the Town agrees to maintain a Cafeteria Plan, pursuant to Section 125 of the Internal Revenue Code, for the purpose of providing eligible active employees with access to various health and welfare benefits.