Common use of Section 125 Benefits Plan Clause in Contracts

Section 125 Benefits Plan. The benefits provided to employees by Section 125 of the Revenue Act of 1978 shall be made available to all employees of the bargaining unit. The Section 125 Plan will include insurance premiums, medical expenses, and dependent care. An amount not to exceed fifty (50%) per cent of salary may be set aside by the employee for the selection, under Section 125 of the Internal Revenue Code, which includes the non-taxable benefits of all eligible insurance. Neither the employer nor the employee shall incur any fees for the setup, enrollment, and administrative services provided. A change in the provider for the above shall require the Board to give sixty (60) days notice of said change to the Association President. All payment shall follow IRS guidelines.

Section 125 Benefits Plan. ‌ The benefits provided to employees by Section 125 of the Revenue Act of 1978 shall be made available to all employees of the bargaining unit. The Section 125 Plan will include insurance premiums, medical expenses, and dependent care. An amount not to exceed fifty (50%) per cent of salary may be set aside by the employee for the selection, under Section 125 of the Internal Revenue Code, which includes the non-taxable benefits of all eligible insurance. Neither the employer nor the employee shall incur any fees for the setup, enrollment, and administrative services provided. A change in the provider for the above shall require the Board to give sixty (60) days notice of said change to the Association President. All payment shall follow IRS guidelines.