SALARY REDUCTION FRINGE BENEFIT PLAN. The board shall maintain a “cafeteria” fringe benefit plan in compliance with Section 125 of the Internal Revenue Code. The board shall provide each teacher with a description of the benefit coverage and the opportunity to execute a salary reduction agreement once annually to cover all premiums for the teacher’s selected benefits. Each teacher will be required to fill out a salary reduction fringe benefit form indicating his/her selection two weeks prior to the first scheduled payroll for the contract year or 10 days after signing a contract, whichever is later. Each employee executing a salary reduction agreement for fringe benefits shall allocate an annual sum to be used for the purchase of:
