Common use of Compensation in Lieu of Dependent Insurance Benefits Clause in Contracts

Compensation in Lieu of Dependent Insurance Benefits. The District will pay Four Hundred Twenty Dollars ($420.00) at the end of each full year of completed service to each Full-Time Faculty Member not electing dependent medical, dental, and vision insurance coverage for such year. The Faculty Member may, pursuant to IRC regulations, use this sum for a tax-sheltered annuity contribution.

Compensation in Lieu of Dependent Insurance Benefits. ‌ The District will pay Four Hundred Twenty Dollars ($420.00) at the end of each full year of completed service to each Full-Time Faculty Member not electing dependent medical, dental, and vision insurance coverage for such year. The Faculty Member may, pursuant to IRC regulations, use this sum for a tax-sheltered annuity contribution.