Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the employee elects a cash option in lieu of health insurance, the amount of the cash option shall be equal to $400 per month. If the employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $450 per month. An employee may elect to defer such cash into an IRS 403b account. To do so, the employee may be required to enter into a salary reduction agreement. An employee who opts to use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of employees will not commence until all of the proper forms and documentation are filed with the business office.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
