SALARY REDUCTION FRINGE BENEFIT PLAN Sample Clauses

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:
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Related to SALARY REDUCTION FRINGE BENEFIT PLAN

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. The employee must be interviewed by the concerned department head or designated representative and served with a written notice of salary reduction. The reduction in pay of any regular employee requires the approval of the City Manager. A copy of the notice of salary reduction shall be sent immediately to the Administrative Services Department for inclusion in the employee's official personnel file.

  • Salary and Fringe Benefits The employee shall be paid a salary which is the pro- rata share of the salary which the employee would have earned had he or she not elected to exercise the option of reduced workload. The employee shall retain all other rights and benefits enjoyed by full-time members of the unit.

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