Common use of Payroll Reduction Plan Clause in Contracts

Payroll Reduction Plan. The University will provide a payroll reduction program (consistent with Internal Revenue Code Section 129 and Internal Revenue Service regulations) through which Faculty Members may elect to make a pre-tax reduction in wages which will be paid to an account from which allowable dependent care expenses will be reimbursed.

Payroll Reduction Plan. The University will provide offer a payroll reduction program plan (consistent with Internal Revenue Service Code Section 129 125 and Internal Revenue Service regulations) through which Faculty Members may elect elect, during a designated annual enrollment period, to make a pay their share of the health and dental premiums with pre-tax reduction in wages which will be paid to an account from which allowable dependent care expenses will be reimbursedrather than post-tax salary dollars.