Cafeteria Plan Credits Sample Clauses
The Cafeteria Plan Credits clause defines how employees receive and use employer-provided credits within a cafeteria benefits plan. Under this clause, employees are typically allocated a set amount of credits or funds that they can apply toward various benefit options, such as health insurance, dental coverage, or flexible spending accounts, according to their individual needs. This structure allows employees to customize their benefits package while ensuring the employer's contributions are used efficiently, ultimately providing flexibility and choice while maintaining cost control for both parties.
Cafeteria Plan Credits. Employees who qualify for coverage can receive two types of cafeteria credits:
3.2.1 Credits Earned from Attendance Incentive Plan: Teachers can annually earn up to $600 in credits from participation in the Attendance Incentive Plan (See Article 11, Section 2). These credits may be used only to purchase core cafeteria plan benefits or other qualified items contained in the Cafeteria Plan.
Cafeteria Plan Credits. Effective January 1, 2021, employees who qualify for coverage shall receive $926 per month for single coverage and $1,300 per month for family/single+1 that they may spend in a District qualified cafeteria benefits plan. Any dollars remaining from this amount after enrollment in core and optional benefits will be returned to the employee as salary.