IRS 125 Plan a. The Board shall apply that part of the bargaining unit member’s salary which is the bargaining unit member’s participation in the monthly health benefits premium so as to tax-shelter that participation. The Board shall comply with IRS and federal law requirements in doing so.
b. The Board and Association will investigate establishing an expanded IRS 125 Plan.
IRS 125 Plan. The Board will continue its present practice of deducting taxes for out of state residents and forwarding same to the appropriate state authority. This applies only to West Virginia, Kentucky, and Ohio.
IRS 125 Plan. Each teacher covered by this agreement shall have the option of participating in an IRS Section 125 Flexible Benefit Plan. The administration and participation costs of this benefit shall be paid for by the Board of Education. This fund will be administered according to the law. All payroll deductions will be deposited into the proper bank account in a timely fashion.
IRS 125 Plan. A Section 125 Plan allowing for the sheltering of the employee's portion of the premium paid by him/her qualifying insurance and dependent daycare shall be available to members of the bargaining unit. The expanded plan shall be offered with a minimum allocation per year equal to that of IRS limits The implementation of the plan is conditioned on each of the following:
1. The 125 Plan shall be at no cost to the Board.
2. If a participant ceases to be employed by the Board and has used more funds than he/she has contributed at the time he/she ceases to be employed, the balance of the pledge may be deducted from any money owed the participant by the Board. If the money owed the participant by Board is not sufficient to pay the overage, the participant shall be responsible for the full amount of the overage.
3. Participation in the 125 Plan shall be voluntary.
IRS 125 Plan. The Board shall provide for the Internal Revenue Service (IRS) Section 125 Plan allowing employees to shelter their premium contributions for insurance with pre-tax dollars.
IRS 125 Plan. The School District shall provide a Section 125 Plan under the Internal Revenue Code for eligible Educational Support Professionals in the District, to be utilized at the employee’s option. Eligibility is determined according to the District’s Section 125 Flexible Spending Plan.
IRS 125 Plan. A. Section 125 of the Internal Revenue Code allows Teaching Staff Members to obtain certain selected fringe benefits with pretax dollars.
B. The fringe benefits currently available under the plan are:
1. Part A-Insurance premiums 2. P a r t B - Medical
IRS 125 Plan. Benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to all members of the Union at the same time that the benefits are offered to the certified staff. The benefit package will be the same for both certified and support staff.
IRS 125 Plan. Members shall be offered the opportunity to participate in a full-range 125 Plan in accordance with Sections 125 of the IRS Code. All administrative costs shall be borne by the Board.
IRS 125 Plan. The Agency will provide an Internal Revenue Code Section 125 Plan to redirect employees’ pre- selected amount of salary to pay employee paid insurance premiums and other approved expenses. The Agency will not treat these monies as compensation subject to income tax withholding unless the Internal Revenue Service or the Franchise Tax Board indicates that such contributions are taxable income subject to withholding. Each employee shall be solely and personally responsible for any federal, state or local tax liabilities of the employee that may arise out of the implementation of this section or any penalty that may be imposed thereof.
