Salary Reduction Plan. The Board establishes an IRC Section 125 Cafeteria Salary Reduction Plan (Plan) whereby each eligible Professional Employee has the right to reduce his/her compensation in the amount necessary to purchase from those nontaxable benefits contained in the Plan and selected by the Professional Employee. Plan benefits and participation regulations are contained in the Plan, and are subject to Federal laws and regulations.
Appears in 6 contracts
Samples: Duration of Agreement, www.gcccks.edu, www.gcccks.edu