Insurance Salary-Reduction Plan. Each employee may designate a portion of his/her compensation for each contract year as salary-reduction contributions to the extent an employee so elects to pay the employee's share of the cost of the coverage under any existing Board-sponsored health, medical, dental (provided a group plan meeting minimum participation requirements can be obtained), or hospitalization insurance cost deductibles; provided, however, that salary-reduction contributions for any employee shall not exceed the cost of the coverage for any contract year. This amount may be adjusted by the Board if there is a change in the cost of the particular type of coverage selected by an employee. An employee may not change coverage during a contract year because of change in the cost of coverage. Salary-reduction contributions shall reduce the employee's compensation ratable on each payday during the contract year. An employee's initial benefit election shall be made as part of his/her Application to Participate. Thereafter, an employee may change his/her benefit election for a subsequent contract year by providing written notices thereof to the Board on a form acceptable to the Board at least fifteen (15) days prior to the first day of the contract year from which such change is to be effective. An employee's benefit election for any contract year shall be irrevocable during the contract year, except for the automatic adjustment provided herein and except that in the event that there is a change in an employee's marital status or number of dependents or there is a termination of employment of the employee's spouse, an employee shall be entitled to change his/her benefit election in a manner that is consistent with such change in marital, dependent, or employment status, by providing written notice thereof to the Board, on a form acceptable to the Board. Any such change shall be effective for the latter of (a) the first day of the first calendar month beginning not less than thirty (30) days after the date such employee's written notice is received by the Board or (b) the first day of the first calendar month in which such change occurs.
