Common use of FLEXIBLE FRINGE BENEFIT PROGRAM Clause in Contracts

FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Code as enacted by the Revenue Act of 1978 shall be made available to bargaining unit members. The teachers’ salary schedule includes the maximum amount allowed by regulation which is set aside for a Section 125 Flexible Fringe Benefit Program which shall include Board approved non-taxable benefits of medical insurance, Long Term Disability, Short Term Disability, Section 79 life insurance and other insurance products provided in Section 125 and taxable benefits of cash. The Flexible Fringe Benefit Election Form with option of Generation 1 or Generation 1 and 2 is set forth in Appendix E. The Enabling Flexible Fringe Benefit Program is hereby incorporated by reference. Commencing in the 1990-91 school year, the Board will adopt a first and second generation Flexible Fringe Benefit Plan. Those teachers participating in the reimbursement account (Generation 2) will be responsible for the cost of the monthly administration fee. The Employer is responsible for the following: 1. No more than $100 as a startup fee to open the account. 2. No more than $100 yearly as a cost to invest the funds in the account. 3. No more than $120 yearly as a service fee for the account. 4. No more than $100 as a fee to close the account. Once the Section 125 Flexible Fringe Benefit Administration is selected, the School Corporation will not change administration prior to August 10, 1991.