IRS Section 125 Plan. The Board of Education shall select a Section 125 IRS Fringe Benefit plan for voluntary teacher participation. The Board will pay all fees for the establishment of the Section 125 Plan and the teacher participants will pay their own monthly fees.
IRS Section 125 Plan. The Board shall provide to the extent available under the Internal Revenue Code and Regulations (Section 125) Section 125 Plan for the payment of unit members’ insurance premium contributions on a pre-tax basis.
IRS Section 125 Plan. The District shall offer an IRS Section 125 Cafeteria Plan. The District’s Section 125 Plan shall include a Premium Only Payment Plan and Flexible Spending Accounts (“FSA”) for reimbursement of eligible medical care, dependent care and other authorized expenses. Faculty members shall be allowed all elections permitted by law and the District’s adopted Plan, as IRS Section 125 Plan requirements and applicable laws may change from time-to- time.
IRS Section 125 Plan. Fringe benefits covered under the IRS Section 125 plan allow employee-paid premiums to be paid with pre-tax dollars except for IRS rules governing imputed income.
IRS Section 125 Plan. Tax sheltering of the individual’s contribution for health costs shall be implemented under IRS Section 125, upon agreement of the Superintendent and the Association President.
IRS Section 125 Plan. The Board shall establish a Section 125 Plan, such plan to remain in effect as long as laws and Internal Revenue Service rules remain the same.
IRS Section 125 Plan. The employer shall provide the opportunity for all members to participate in (at their individual option) a Section 125 Plan. 405 STRS PICK-UP The Board of Education of the Plymouth-Shiloh Local School District herewith agrees with the Plymouth Education Association to pick-up and pay through the salary reduction method the contributions to the State Teachers Retirement System paid on behalf of the members of the bargaining unit under the terms and conditions:
A. The amount to be “picked-up” through the salary reduction method on behalf of each member shall be ten percent (10%) or as may otherwise be required by law of the member’s gross annual compensation.
B. The pick-up percentage shall apply uniformly to all members of the bargaining unit as a condition of employment.
C. The pick-up shall become effective July 1, 1986 and shall apply to all compensation including supplemental earnings thereafter.
D. The parties agree that should the rules and regulations of the IRS or retirement system change making this procedure unworkable, the parties agree to return, without penalty, to the former method of member/employer contributions. 406 MEMBERS’ CHILDREN – TUITION FREE A member(s) whose residence is not within the boundary of the Plymouth-Shiloh Local Schools shall have the right to enroll his/her child(ren) in the Plymouth- Shiloh Local Schools with no obligation to pay a tuition fee. The enrollment process will allow each member who is interested in enrolling his/her child(ren) to specify a first and second choice of school buildings (where appropriate). The assignment of the child(ren) will be determined by availability of space, existing class sizes, etc.
IRS Section 125 Plan. 4.5.1 The District will provide members with access to a plan established pursuant to Section 125 of the Internal Revenue Code.
IRS Section 125 Plan. A. The benefits provided to Unit Members by Section 125 of the Revenue Act of 1978 shall be made available to any Member so requesting that their benefit elections be nontaxable. All provisions included under Section 125 of the Internal Revenue Code will be made available to Members. The Superintendent and the Association shall mutually agree upon a company as the enroller and record keeper of the plan. The company selected shall be required to provide the District (i.e., the Employer and the Association) a hold harmless and a record keeping agreement that will further hold the Employer risk free under IRS provisions regulating non-reimbursed medical payments.
B. Neither the Employer nor the Member shall incur any fees for the setup, enrollment and administrative services provided.
IRS Section 125 Plan. The Board agrees to continue the practice and rights with respect to the IRS Section 125 Plan
