Common use of Salary Reduction Plan Clause in Contracts

Salary Reduction Plan. The school district shall establish a salary reduction plan in compliance with Section 125 of the Internal Revenue Code of 1954, as amended, and applicable rules and regulations. A plan participant will be allowed to change health care insurance status if the change is due to a change in family status (e.g., marriage, divorce, death of a spouse or child, or birth or adoption of a child, spouse’s employer open enrollment, and termination or commencement of employment including covered family members). Any money set aside by the employee for any one of the benefits that remains unexpended at the end of the plan year shall revert back to the school district. Any employee may reduce his/her salary by an amount up to the statutory limit on taxable on non-taxable benefits as set forth in the plan. Once the insurance company has been selected by the Board of Education for salary reduction options, the Board shall, not later than ten (10) days prior to September 1 of the contract year, furnish each employee information regarding the benefit coverage. The employee shall make any salary reduction requests on or before the date set by the Section 125 Administrator (which is August 11, 2023) of each school year or ten (10) days after commencing work in USD 379, whichever shall last occur. That reduction shall remain in force throughout the twelve (12) ensuing months or through the August or September pay periods or upon termination of employment with the district, whichever occurs first. Once the reduction request is made for each non-taxable benefit, the only change allowed in the reduction amount shall be for a change in the health insurance premium. Items by which the employee may reduce his/her contract are as follows:

Salary Reduction Plan. The school district shall establish a salary reduction plan in compliance with Section 125 of the Internal Revenue Code of 1954, as amended, and applicable rules and regulations. A plan participant will be allowed to change health care insurance status if the change is due to a change in family status (e.g., marriage, divorce, death of a spouse or child, or birth or adoption of a child, spouse’s employer open enrollment, and termination or commencement of employment including covered family members). Any money set aside by the employee for any one of the benefits that remains unexpended at the end of the plan year shall revert back to the school district. Any employee may reduce his/her salary by an amount up to the statutory limit on taxable on non-taxable benefits as set forth in the plan. Once the insurance company has been selected by the Board of Education for salary reduction options, the Board shall, not later than ten (10) days prior to September 1 of the contract year, furnish each employee information regarding the benefit coverage. The employee shall make any salary reduction requests on or before the date set by the Section 125 Administrator (which is August 11, 20232020) of each school year or ten (10) days after commencing work in USD 379, whichever shall last occur. That reduction shall remain in force throughout the twelve (12) ensuing months or through the August or September pay periods or upon termination of employment with the district, whichever occurs first. Once the reduction request is made for each non-taxable benefit, the only change allowed in the reduction amount shall be for a change in the health insurance premium. Items by which the employee may reduce his/her contract are as follows:

Salary Reduction Plan. The school district shall establish a salary reduction plan in compliance with Section 125 of the Internal Revenue Code of 1954, as amended, and applicable rules and regulations. A plan participant will be allowed to change health care insurance status if the change is due to a change in family status (e.g., marriage, divorce, death of a spouse or child, or birth or adoption of a child, spouse’s employer open enrollment, and termination or commencement of employment including covered family members). Any money set aside by the employee for any one of the benefits that remains unexpended at the end of the plan year shall revert back to the school district. Any employee may reduce his/her salary by an amount up to the statutory limit on taxable on non-taxable benefits as set forth in the plan. Once the insurance company has been selected by the Board of Education for salary reduction options, the Board shall, not later than ten (10) days prior to September 1 of the contract year, furnish each employee information regarding the benefit coverage. The employee shall make any salary reduction requests on or before the date set by the Section 125 Administrator (which is August 11, 20232021) of each school year or ten (10) days after commencing work in USD 379, whichever shall last occur. That reduction shall remain in force throughout the twelve (12) ensuing months or through the August or September pay periods or upon termination of employment with the district, whichever occurs first. Once the reduction request is made for each non-taxable benefit, the only change allowed in the reduction amount shall be for a change in the health insurance premium. Items by which the employee may reduce his/her contract are as follows:

Salary Reduction Plan. The school district shall establish a salary reduction plan in compliance with Section 125 of the Internal Revenue Code of 1954, as amended, and applicable rules and regulations. A plan participant will be allowed to change health care insurance status if the change is due to a change in family status (e.g., marriage, divorce, death of a spouse or child, or birth or adoption of a child, spouse’s employer open enrollment, and termination or commencement of employment including covered family members). Any money set aside by the employee for any one of the benefits that remains unexpended at the end of the plan year shall revert back to the school district. Any employee may reduce his/her salary by an amount up to the statutory limit on taxable on non-taxable benefits as set forth in the plan. Once the insurance company has been selected by the Board of Education for salary reduction options, the Board shall, not later than ten (10) days prior to September 1 of the contract year, furnish each employee information regarding the benefit coverage. The employee shall make any salary reduction requests on or before the date set by the Section 125 Administrator (which is August 119, 20232022) of each school year or ten (10) days after commencing work in USD 379, whichever shall last occur. That reduction shall remain in force throughout the twelve (12) ensuing months or through the August or September pay periods or upon termination of employment with the district, whichever occurs first. Once the reduction request is made for each non-taxable benefit, the only change allowed in the reduction amount shall be for a change in the health insurance premium. Items by which the employee may reduce his/her contract are as follows: