IRC Section 125 Sample Clauses

IRC Section 125. In conjunction with the Flexible Benefits Plan, the City agrees to implement an IRC Section 125 plan to redirect the employees' pre-selected amount of salary to pay employee paid insurance premiums and other approved expenses with "pre-tax" instead of "after tax" dollars.
Sample 1
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IRC Section 125. “Cafeteria” Fringe Benefit Plan The Board of Education agrees to establish an IRC Section 125 “Cafeteria” Fringe Benefit Plan for the professional employees of the district. The options to be included in the Plan are (1) health/dental insurance (hospitalization); (2) group term life insurance not to exceed $50,000; (3) cancer/dread disease insurance; (4) heart/stroke insurance (5) vision insurance (6) medical expense reimbursement*; and (7) dependent care expense reimbursement*. Further, an eligible employee may at his/her discretion, forego any reduction in compensation for the purchase of nontaxable benefits and take the total compensation as salary-cash. The above insurance benefits shall be provided by a company or companies selected by the Garden City Education Association and approved by the Board of Education. The Board’s contribution to the fringe benefit program will be less any service charges assessed by the administering agencies of the program. A full and complete copy of the IRC Section 125 Plan will be available for perusal in the Business Office of the District. *These items will be included in the pool only so long as an outside agency processes the applications at no cost to the school district.
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IRC Section 125. The parties agree to implement an IRC Section 125 plan, the terms and conditions of which shall be subject to the mutual agreement of the parties.
Sample 1
IRC Section 125. The City will continue to make available the provisions of Internal Revenue Code Section 125, allowing employees to use pre-tax compensation for dependent care expenses, medical premiums and excess medical expenses, at such time as the City reaches agreement with all other employee organizations representing City employees to do so. Participation by interested employees is voluntary.
Sample 1

Related to IRC Section 125

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