Section 125 Flexible Spending Account. The Bloomfield Board of Education shall make available on an optional basis at no cost to the teachers a Section 125 Flexible Spending Account for Life Insurance (IRC Section 79), Accident and Health Insurance (IRC Sections 105 and 106), and Dependent Care Assistance (IRC Section 129).
Section 125 Flexible Spending Account. Unit member expanded use of section 125 flexible spending accounts will be determined by the District/Association JBC, consistent with the terms of a December 17, 1999, memo from the District to the Association. Any net District FICA savings as determined by the formula in the December 17, 1999, memo in excess of thirty thousand three hundred thirty one dollars ($30,331.00) per year shall be transferred to the JBC reserve fund in Section 6.4.a.
Section 125 Flexible Spending Account. The City provides a flexible spending account for medical expenses and dependent care, pursuant to Section 125 of the Internal Revenue Service Code (Section 125), as amended. Under Section 125, the maximum annual amount an employee may contribute for future medical and dependent care expenses reimbursement is two thousand five hundred dollars ($2,500), exclusively. Pursuant to Section 125, employees may contribute pre-tax earnings into these accounts. The medical expense contribution may be used for reimbursement of eligible medical and dental expenses such as deductibles, co-pays and expenses in excess of what insurance covers. Dependent care expenses may not be reimbursed until after they are actually incurred - i.e., after the care has been provided, and not when the participant is formally billed. Reimbursable dependent care expenses are non-health care expenses that include insuring a qualified dependent’s well-being and protection. Qualified dependents are children under age 13, disabled spouses and other dependents who are physically or mentally incapable of self-care, and who regularly spend at least eight hours each day in the taxpayer's household. Pursuant to Section 125, eligible reimbursable expenses must be incurred within the calendar year, January 1st through December 31st, and must be submitted for reimbursement no later than March 31st of the following calendar year. Receipts submitted after March 31st in the following calendar year shall be forfeited. There are other limitations and restrictions set forth by the Internal Revenue Service.
Section 125 Flexible Spending Account. (For employees hired into budgeted positions of .500 FTE or greater)
Section 125 Flexible Spending Account. The Employer will make available a Section 125 Plan for payment of medical insurance premiums. In addition, qualified medical expenses and dependent care spending accounts will be available to employees. Maximum coverage shall be according to IRS rules per fiscal year for the Medical Expenses Reimbursement
Section 125 Flexible Spending Account. The City shall continue to maintain a Section 125 Flexible Spending Account plan for purposes of allowing employees to make contributions for unreimbursed medical and dependent care expenses and premium costs for city provided health insurance as authorized by 125 of the Internal Revenue Code.
Section 125 Flexible Spending Account. 1. The District agrees to implement and pay the start-up fee for a new pre-tax benefit plan for all employees. The plan will allow employees to defer tax on the maximum income allowed by law and for purposes of the insurance premium payment.
2. The District Insurance Committee will select and monitor the plan and may recommend modifications as the plan is implemented. Any administrative fee not paid for by the carrier shall be paid by the participating employees.
Section 125 Flexible Spending Account. 1. The District agrees to implement and pay the start-up fee for a new pre-tax benefit plan for all employees. The plan will allow employees to defer tax on the maximum income allowed by law and for all the purposes allowed by law.
2. The District Insurance Committee will select and monitor the plan and may recommend modifications as the plan is implemented. Any administrative fee not paid for by the carrier shall be paid by the participating employees. An annual open enrollment will occur September tomid-October.
I. Data Verification
1. There shall be full and timely disclosure of health insurance data, correspondence and consultation.
2. Each party shall have an equal opportunity to participate in meetings, consultations, preparation and exchange of data that affect the bargaining unit.
3. The BEA will pay an agreed upon proportional amount of consultation costs based on usage.
Section 125 Flexible Spending Account. The Employer will provide a flexible spending account as established under Section 125 of the Internal Revenue Code.
Section 125 Flexible Spending Account. The District will make available to Employees a Section 125 Flexible Spending Account through PSEA’s Health and Welfare Fund subject to IRS guidelines. The District will not contribute to the FSA.
