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. , 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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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 District 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.


More Definitions of Premium Conversion

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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Related to Premium Conversion

  • Date of Conversion Conversion Price:_______________________________________________________________ Shares To Be Delivered:_________________________________________________________ Signature:______________________________________________________________________ Print Name:_____________________________________________________________________ Address:________________________________________________________________________

  • Mandatory Conversion Date has the meaning set forth in Section 7(a).

  • Optional Conversion means the conversion of any Convertible Preferred Stock other than a Mandatory Conversion.

  • Mandatory Conversion Notice has the meaning ascribed thereto in Section 4.5(a);

  • Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Securities (other than the CSO Obligations, if any) in consideration of the Company’s issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depository (on behalf of the Holders and Beneficial Owners of the Securities) or to the relevant recipient of such Conversion Shares, all in accordance with the terms of the Securities.

  • Optional Conversion Date means, with respect to the Optional Conversion of any Convertible Preferred Stock, the first Business Day on which the requirements set forth in Section 10(d)(ii) for such conversion are satisfied.

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Conversion Date shall have the meaning set forth in Section 4(a).

  • New Conversion Price means the amount determined in accordance with the following formula, which shall apply from the QTE Effective Date: NCP = ECP * (VWAPAES / VWAPOS) where:

  • Final Conversion Date means 5:00 p.m. in New York City, New York on the earlier to occur following the IPO of (i) the first Trading Day falling on or after the date on which the outstanding shares of Class B Common Stock represent less than ten percent (10%) of the aggregate number of shares of the then outstanding Class A Common Stock and Class B Common Stock, (ii) the tenth (10th) anniversary of the IPO or (iii) the date specified by affirmative vote of the holders of a majority of the outstanding shares of Class B Common Stock, voting as a single class.

  • Fixed Conversion Price shall have the meaning set forth in Section 4(b).

  • Notice of Conversion/Continuation has the meaning assigned thereto in Section 5.2.