Common use of Section 125 Cafeteria Plan Clause in Contracts

Section 125 Cafeteria Plan. The Board shall maintain a Section 125 Cafeteria Plan (“Cafeteria Plan”) that is designated to allow employees who must make employee contributions for health care, dental and/or vision coverage to elect to do so on a pre-tax basis. The Cafeteria Plan will be designated to meet the requirements of Internal Revenue Code Section 125 and applicable regulations. Employees may contribute up to $2,500.00 per calendar year. An employee may elect to carry over to the immediately following plan year of up to $500.00 of any amount remaining unused as of the end of the plan year in a Health Flex Spending Account. An on-going committee will be formed to review current programs and their costs, explore new options for insurance, and analyze data collected from current programs and collect information helpful to predict changes in insurance premiums.

Section 125 Cafeteria Plan. The Board shall maintain a Section 125 Cafeteria Plan (“Cafeteria Plan”) that is designated to allow employees who must make employee contributions for health care, dental and/or vision coverage to elect to do so on a pre-tax basis. The Cafeteria Plan will be designated to meet the requirements of Internal Revenue Code Section 125 and applicable regulations. Employees may contribute up to $2,500.00 per calendar yearyear or the maximum amount permitted by applicable law. An employee may elect to carry over to the immediately following plan year of up to $500.00 of any amount remaining unused as of the end of the plan year in a Health Flex Spending Account. An on-going committee will be formed to review current programs and their costs, explore new options for insurance, and analyze data collected from current programs and collect information helpful to predict changes in insurance premiums.