Common use of Faculty member costs Clause in Contracts

Faculty member costs. Because a faculty member pays a percentage of the premium cost for the medical insurance plan he or she elects, the actual dollars a faculty member contributes to such cost will increase if the cost of the medical insurance plan to the University increases, provided that faculty contributions toward University premium costs shall not exceed the levels specified in the salary premium cost table (see Appendix B). It is also understood that the cost to a faculty member will change if individual plan selections changes. Faculty members in Benefit Groups A, B, C and D will pay a percentage of University premium costs as listed in the salary premium cost table (Appendix B). As a condition of employment, premium payments for coverage during the faculty member’s appointment period will be made through pre-tax dollars in accordance with the provisions of Section 125 of the Internal Revenue Service Code. Exception: Premiums for coverage of a civil union partner and dependent children of the partner will be made in after-tax dollars in accordance with IRS regulations and guidelines and Vermont tax law. In addition, the value of the University’s contribution for coverage will be considered taxable income to the employee for federal and state tax purposes.

Faculty member costs. Because a faculty member pays a percentage of the premium cost for the medical insurance plan he or she elects, the actual dollars a faculty member contributes to such cost will increase if the cost of the medical insurance plan to the University increases, provided that faculty contributions toward University premium costs shall not exceed the levels specified in the salary premium cost table (see Appendix B). It is also understood that the cost to a faculty member will change if individual plan selections changes. Faculty members in Benefit Groups AX, B, C X,X and D will pay a percentage of University premium costs as listed in the salary premium cost table (Appendix B). As a condition of employment, premium payments for coverage during the faculty member’s appointment period will be made through pre-tax dollars in accordance with the provisions of Section 125 of the Internal Revenue Service Code. Exception: Premiums for coverage of a civil union partner and dependent children of the partner will be made in after-tax dollars in accordance with IRS regulations and guidelines and Vermont tax law. In addition, the value of the University’s contribution for coverage will be considered taxable income to the employee for federal and state tax purposes.

Faculty member costs. Because a faculty member pays a percentage of the premium cost for the medical insurance plan he or she electsthey elect, the actual dollars a faculty member contributes to such cost will increase if the cost of the medical insurance plan to the University increases, provided that faculty contributions toward University premium costs shall not exceed the levels specified in the salary premium cost table (see Appendix B). It is also understood that the cost to a faculty member will change if individual plan selections changes. Faculty members in Benefit Groups A, B, C and D will pay a percentage of University premium costs as listed in the salary premium cost table (Appendix B). As a condition of employment, premium payments for coverage during the faculty member’s appointment period will be made through pre-tax dollars in accordance with the provisions of Section 125 of the Internal Revenue Service Code. Exception: Premiums for coverage of a civil union partner and dependent children of the partner will be made in after-tax dollars in accordance with IRS regulations and guidelines and Vermont tax law. In addition, the value of the University’s contribution for coverage will be considered taxable income to the employee for federal and state tax purposes.