Common use of 125 Plan Clause in Contracts

125 Plan. The benefits provided by Section 125 of the Revenue Act of 1978 shall be made available to any Professional Staff Member so requesting that their benefit elections be non-taxable. An amount not to exceed 50% of salary may be set aside by the Professional Staff Member for the selection of benefits, under Section 125 of the Internal Revenue code, which includes: Part A - Insurance premiums on payroll deduction Part B - Medical spending account Part C - Dependent care account The medical spending account shall be a limited purpose plan covering only dental and vision.

125 Plan. The benefits provided by Section 125 of the Revenue Act of 1978 shall be made available to any Professional Staff Member so requesting that their benefit elections be non-taxable. An amount not to exceed 50% of salary may be set aside by the Professional Staff Member for the selection of benefits, under Section 125 of the Internal Revenue code, which includes: Part A - Insurance premiums on payroll deduction Part B - Medical spending account Part C - Dependent care account The medical spending account shall be a limited purpose plan covering only dental and vision.account