Common use of Section 125 Benefits Clause in Contracts

Section 125 Benefits. Teachers may allocate up to the maximum amount allowed by law for the purchase of the following USD #464 approved fringe benefits: 1) Health/dental care 2) Group term life insurance (maximum $30,000) 3) Salary protection insurance 4) Cancer insurance 5) Dependent Care Assistance (IRS Approved Licensed). This is outlined in more detail in the documents "I.R.C. #125 'Cafeteria' Fringe Benefit Plan - Adoption Agreement and Selective Provisions" and "Dependent Care Assistance Plan" 6) Medical expense reimbursement Each teacher must indicate on a form provided by the School District Office the amount to be applied to each of the above prior to September 1st of each school year. Teachers may not change the amount or selection once made for any given contract year except in accordance with state and federal regulations. At the beginning of each school year, or date of employment, the Board shall provide each teacher a copy of the current USD #464 Section #125 Salary Reduction Fringe Benefit Plan which describes the benefit coverage. The information shall include a clear description of conditions and limits of coverage. When requested by the teacher, the district shall make available applications and information about the program. The School District Office shall supervise all deductions and disbursements.