IRC Section 125 Cafeteria Salary Reduction Plan Sample Clauses

IRC Section 125 Cafeteria Salary Reduction Plan. 1. The Board of Trustees has established a salary reduction plan whereby full-time and part-time employees may reduce their salaries by an amount necessary to purchase selected non-taxable fringe benefits. These benefits, which are hereinafter referred to as the plan, may include: (1) medical insurance; (2) cancer insurance; (3) disability income; (4) dependent care; and (5) medical expense reimbursement. 2. The coverage, deductibles and co-payments of the benefits listed in the Section 125 Benefit Plan shall be jointly determined through the negotiations process. The Board of Trustees shall select the providers of the benefits listed in the Section 125 Benefit Plan provided that the level of coverage, deductibles, and co-payments are equal to that as determined through the negotiations process. 3. The parties shall use the assistance of a committee to ascertain whether there is a need to change any coverage, deductible and/or co-payment of any benefit listed in the Section 125 Benefit Plan. The committee shall be composed of three (3) persons selected by the Alliance, and three (3) persons selected by the Board. All persons shall be users of the insurance. Duties of the Committee are as follows: (Revised September, 2018) 1. Annually review the benefits offered by insurance carriers under the salary reduction plan. 2. Annually review the insurance needs to include coverage, deductibles, and co-payments. 4. Annual enrollment in the IRC Section 125 Plan shall be completed no later than October 31st of each plan year. The Employee has thirty (30) calendar days to complete enrollment. A Professional Employee's participation regarding changes to plan elections or termination of the plan is governed in accordance with the Colby Community College Cafeteria Plan, as amended. In addition, a Professional Employee may change his/her benefit plan upon becoming eligible for Medicare benefits. Updated September, 2018 5. Upon resignation or discharge of a full-time Professional Employee during the performance of said employee's contract, the plan, as elected by the employee, shall cease effective date of termination, with exceptions to the provisions under COBRA. 6. A full-time Professional Employee who terminates or retires effective the end of a school year, will maintain the terms of the plan until the end of said Professional Employee's contract term. A full-time Professional Employee retiring effective the end of the school term, shall be allowed participation in th...
Sample 1
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IRC Section 125 Cafeteria Salary Reduction Plan. A Section 125 Cafeteria Salary Reduction Plan, provided through a company or companies approved by the Board and the Association will be available to Professional Employees. This will enable the Professional Employees to purchase selected non-taxable fringe benefits subject to compliance with the Internal Revenue Service Code. Benefits available through this plan will include insurance products, dependent care reimbursement plan, and a medical expense reimbursement plan. Professional Employees will make timely filing of any forms required to participate in the Section 125 Plan. Enrollment in the benefit plans provided under the Section 125 Plan, selection of coverage, and any changes in selected coverage by a Professional Employee shall be subject to the terms and conditions of the plan documents, benefit agreements, and the rules and regulations governing such plans as promulgated by the Internal Revenue Service. An IRC Section 125 Cafeteria Salary Reduction Plan committee composed of one Professional Employee appointed by the Association, one support staff personnel appointed by the Vice President for Finance and Operations, and one administrator appointed by the President, will meet as requested by the Board or Professional Employees to evaluate the plan and/or the Internal Revenue Service Codes. The committee will make any recommendations to the Board, Administration, Professional Employees, and other employees of the College as to any proposed changes.
Sample 1

Related to IRC Section 125 Cafeteria Salary Reduction Plan

  • Cafeteria Plan As of the Distribution Date, Seaport Entertainment or any of its Subsidiaries shall establish or provide a cafeteria plan qualifying under Section 125 of the Code (the “Seaport Entertainment Cafeteria Plan”) allowing for the payment of welfare plan premiums on a pre-tax basis by Transferring Employees. As of January 1 of the calendar year following the calendar year in which the Distribution Date occurs, Seaport Entertainment or any of its Subsidiaries shall amend the Seaport Entertainment Cafeteria Plan to also provide for health care and dependent care flexible spending reimbursement accounts thereunder in which Transferring Employees who meet the eligibility criteria thereof may be immediately eligible to participate. From the Distribution Date until the end of the calendar year in which the Distribution Date occurs, each Transferring Employee who participated in health care or dependent care flexible spending reimbursement accounts under HHH’s cafeteria plan (the “HHH Cafeteria Plan”) immediately prior to the Effective Time will be permitted to continue participation in such flexible spending reimbursement accounts, and applicable elections and payroll deductions that were in effect immediately before the Effective Time will continue, during the Transferring Employee’s continued employment with the Seaport Entertainment Group on and after the Effective Time, with the amount of such payroll deductions transferred to HHH pursuant to the HHH Cafeteria Plan. As soon as practicable following the claim submission deadline under the HHH Cafeteria Plan for claims incurred in the calendar year in which the Distribution Date occurred, the HHH Group shall determine the aggregate accumulated contributions to the flexible spending reimbursement accounts under the HHH Cafeteria Plan made during such year by the Transferring Employees less the aggregate reimbursement payouts made for such year from such accounts to such Transferring Employees (the “Net FSA Balance”). If the Net FSA Balance is positive, the HHH Group shall pay to the Seaport Entertainment Group an amount in cash equal to the Net FSA Balance. From the Distribution Date until the end of the calendar year in which the Distribution Date occurs, HHH shall be solely responsible for all claims for reimbursement from the flexible spending reimbursement accounts incurred by the Transferring Employees during the calendar year that includes the Distribution Date and submitted to the HHH Cafeteria Plan by the Transferring Employee no later than the claim submission deadline with respect to such calendar year, whether such claims are incurred prior to, on or after the Distribution Date, which claims shall be paid pursuant to and under the terms of the HHH Cafeteria Plan.

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • Long-Term Compensation Including Stock Options, and Benefits, Deferred Compensation, and Expense Reimbursement.

  • SALARY SACRIFICE ARRANGEMENTS 34.1 Employees covered by this Agreement will have access to salary sacrifice arrangements in addition to the compulsory arrangement detailed above. The requirements of any such arrangements shall ensure that: (a) Accessing a salary sacrifice arrangement is a voluntary decision to be made by the individual Employee. (b) An Employee wishing to enter into a salary sacrifice arrangement will be required to notify their Employer in writing of the intention to do so and have sought expert advice in relation to entering into such an arrangement. (c) The Employer shall meet the cost of implementing the administrative and payroll arrangements necessary for the introduction of salary sacrifice to the Employees under the Agreement. (d) The co-contribution of superannuation payments referred to herein shall be made by way of salary sacrifice arrangements.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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