Common use of IRS Section 125 Clause in Contracts

IRS Section 125. A teacher may participate in this school corporation’s flexible benefits plan, with all monthly user fees paid by the participating teachers. Such plan shall be established with a carrier mutually agreed upon by the NCCTA and the NCSC in accordance with the provisions of Section 125 of the Internal Revenue Code. The administrative costs for the IRS Section 125 plan shall be borne equally by the corporation and the plan participants.