Common use of IRS Section 125 Salary Reduction Program Clause in Contracts

IRS Section 125 Salary Reduction Program. The Board shall make available to faculty members within a reasonable time an IRS Salary Reduction Program for insurance premiums, eligible non-reimbursed medical expenses, and dependent care expenses. The maximum non-reimbursed medical expenses shall be two thousand five hundred dollars ($2,500) and the maximum reimbursement for non-reimbursed dependent care shall be five thousand dollars ($5,000). Any administrative costs of the dependent care part of this program shall be paid for by each faculty member electing to participate in this portion of the program.

IRS Section 125 Salary Reduction Program. The Board shall make available to faculty members within a reasonable time an IRS Salary Reduction Program for insurance premiums, eligible non-reimbursed medical expenses, and dependent care expenses. The maximum non-reimbursed medical expenses shall be two thousand five hundred dollars ($2,500) and the maximum reimbursement for non-reimbursed dependent care shall be five thousand dollars ($5,000)the maximum amounts allowed by the Internal Revenue Code or Service. Any administrative costs of the dependent care part of this program shall be paid for by each faculty member electing to participate in this portion of the program.