Premium Conversion definition

Premium Conversion allows an eligible employee to convert after-tax contributions for health insurance premiums to before-tax contributions by reducing compensation equal to the premium. A “Summary Plan Description” and enrollment forms are available in the school district main business office. Employees may also utilize the “Flexible Benefits” option of the District Cafeteria Plan. Flexible benefits are defined as eligible dependent care expenses and un- reimbursed medical expenses. Fremont Public Schools will provide a handbook detailing this program.
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Premium Conversion. The County shall continue, under IRS Code Section 125, to administer a Health Care Premium Conversion Plan that allows eligible employees to make their required contributions towards health premiums with pre-tax dollars through payroll deduction. The County will make no contribution to this plan, however, it will bear the cost of administering this benefit. Health Flexible Spending Account: The County provides a Health Flexible Spending Account (FSA) to enable eligible employees to set aside pre-tax dollars for reimbursement of eligible medical expenses not reimbursed or covered under medical, dental and vision insurance plans. Such expenses include deductible, co-pays, and qualified medical expenses not reimbursed by the employee's health insurance plan and will be provided to the maximum amount stipulated in the Plan and consistent with the law. Dependent Care Assistance Program: The County provides a Dependent Care Assistance Program subject to the limitations and maximums as stipulated under law. All of the above plans will be administered by the County in accordance with applicable Federal and State laws as amended and, as such, are not subject to Article 27 (Grievance Procedure) of the Memorandum.
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Premium Conversion. The County shall continue, under IRS Code Section 125, to administer a Health Care Premium Conversion Plan that allows eligible employees to make their required contributions towards health premiums with pre-tax dollars through payroll deduction. The County will make no contribution to this plan, however, it will bear the cost of administering this benefit.
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Examples of Premium Conversion in a sentence

  • The County offers the Premium Conversion Plan (PCP) designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but tax savings are not guaranteed.

  • The County shall continue, under IRS Code Section 125, to administer a Health Care Premium Conversion Plan that allows eligible employees to make their required contributions towards health premiums with pre-tax dollars through payroll deduction.

  • All eligible employees who contribute toward health benefits pursuant to Provision 21.4 shall be entitled to participate in the CSU Health Premium Conversion Program.

  • Eligible employees shall be provided with a Section 125 Premium Conversion Plan.

  • Insurance Premium Conversion For any Plan Year, each Member may elect to have contributed to his or her Account a specified amount of his or her Compensation for such Plan Year to pay for insurance premiums for plans sponsored by the Member's employer.

  • The District will continue to offer the option of enrolling in the Premium Conversion Plan (PCP) designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but tax savings are not guaranteed.

  • To be eligible for the Section 125 Premium Conversion Plan, an employee must be eligible to participate in medical, dental, vision, AD&D, and/or life insurance and have a premium deduction for these benefit plans.

  • SECTION 125 PREMIUM CONVERSION PLAN‌ Eligible employees shall be provided with a Section 125 Premium Conversion Plan.

  • The County will continue to offer the Premium Conversion Plan (PCP) designed to qualify for tax savings under Section 125 of the Internal Revenue Code, but tax savings are not guaranteed.

  • The district will provide employees a Premium Conversion Benefit which will allow employees to pay for their share of health insurance costs through payroll deduction on a pre-tax basis consistent with IRS regulations.


More Definitions of Premium Conversion

Premium Conversion. , means an arrangement that allows employees to make a pretax contribution to an employer sponsored health or welfare plan. Premium conversion is a tax benefit. It uses federal tax rules to allow you to deduct your share of health insurance premiums from your taxable income, thereby reducing your taxes.
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