FRINGE BENEFITS PLANS Sample Clauses
The "Fringe Benefits Plans" clause defines the employer's obligation to provide additional benefits to employees beyond regular wages, such as health insurance, retirement plans, or paid leave. This clause typically outlines which specific benefits are offered, who is eligible to receive them, and any conditions or limitations that may apply. Its core practical function is to ensure employees are informed about the non-wage compensation they can expect, promoting transparency and helping to attract and retain talent.
FRINGE BENEFITS PLANS. A. Internal Revenue Code Section 125 Cafeteria Plan 1. The Board of Education shall establish a fringe benefit program to comply with Section 125 of the Internal Revenue Code.
FRINGE BENEFITS PLANS. A. Internal Revenue Code Section 125 Cafeteria Plan
1. The Board of Education shall establish a fringe benefit program to comply with Section 125 of the Internal Revenue Code.
2. Each professional employee may elect to execute a salary reduction agreement with the Board of Education. Contribution under this salary reduction agreement shall be designated by the employee for the purchase of a benefit or benefits from the following District approved plans:
FRINGE BENEFITS PLANS. A. Internal Revenue Code Section 125 Cafeteria Plan
1. The Board of Education shall establish a fringe benefit program to comply with Section 125 of the Internal Revenue Code.
2. Each professional employee may elect to execute a salary reduction agreement with the Board of Education. Contribution under this salary reduction agreement shall be designated by the employee for the purchase of a benefit or benefits from the following District approved plans:
a. Group Term Life Insurance and Accidental Death and Dismemberment Insurance;
b. Health and Hospital Insurance will consist of a range of group health insurance plans, preferred provider programs and health maintenance organizations if available and financially feasible. Information relating to premiums and deductibles will be stated at open enrollment as they then exist.
c. Dental Insurance (provided the required maximum enrollment is met);
d. Such other lawful components as recommended by the Fringe Benefit Advisory Committee and approved by the Board of Education.
e. All monies remaining in dependent care and medical reimbursement funds at the end of the plan year shall, to the extent permitted by law, be divided equally among the dependent care and medical reimbursement participants. Such payment shall not exceed the cost of administrative fees.
f. Cash Option - Current professional employees who were hired prior to 1990-91 may continue to receive the annual sum of Twelve Hundred Dollars ($1200) as a cash option in lieu of such professional employee accepting the Board's contribution toward the cost of health insurance. Employees who have retained their right to participate in the cash option pay may select any District offered health insurance plan under the Section 125 Cafeteria Plan. Employees on approved leave shall not lose eligibility by virtue of such leave. Any professional employee who continues to receive such cash option shall be ineligible for the Board contribution to health insurance. Any professional employee who now elects or has previously elected to receive said Board contribution shall be ineligible for the cash option. An election to discontinue the cash option must be made on or before August 1 of each year, and shall thereafter be irrevocable.