Section 125 of the IRS Code. The District will continue to have employee deductions for medical plan premiums and dependent care calculated on a pre-tax basis, consistent with current IRS regulations and requirements.
Section 125 of the IRS Code. The employer shall provide a cash option of electing the health benefit. The cash amount shall be equal to the premium for a MESSA SuperCare I single subscriber, subject to the annual insurance- premium cap language. The employer shall formally adopt a qualified plan document pursuant to Section 125 of the Internal Revenue Service Code. Members electing an annuity shall do so through a salary reduction agreement, subject to the maximum, allowable annual caps set, per IRS Code, on tax-sheltered withholdings for each em- ployee. The program will become effective on July 1, 1997, or the date determined by the under- writing guidelines of the plan, but not more than ninety (90) calendar days following the adoption of the appropriate resolution by the District and the ratification of this Master Agreement by the parties hereto. Benefits currently being provided to bargaining unit members shall continue as is until the newly negotiated benefits program is in effect. All costs to implement and administer the Section 125 Plan shall be borne by the employer.
Section 125 of the IRS Code. Notwithstanding any other provision of the contract to the contrary, the Grosse Pointe Public School System shall provide a cash option in lieu of health, dental and vision insurance benefits. The employer shall formally adopt a qualified plan document that complies with Section 125 of the Internal Revenue Code. Said plan document shall be approved by the Association. The amount of cash option may be applied by the bargaining unit member to a tax deferred annuity. To elect a tax deferred annuity, the bargaining unit member shall enter into a salary reduction agreement initiated and maintained by the employee. All cost relating to the implementation and administration of the Section 125 plan shall be borne by the Grosse Pointe Public School System. In addition, the following insurance benefits are provided to all eligible central office administrators: Long Term Disability Insurance The Board will provide administrators with long term disability insurance that has the following features: • 120 duty day waiting period • Payment of 90% of base monthly earnings for the first six months of benefits (maximum monthly benefit of $9,075) • Thereafter, payment of 66-2/3% of base monthly earnings (Maximum monthly benefit of $10,001) • Up to 24 months of benefits for outpatient mental and nervous disorders. Group Life Insurance The Board will provide core group life and accidental death and dismemberment coverage with a face value equal to two and one-half times the central administrator’s annual salary. Additional life insurance coverage will be available under the flexible benefits plan at the administrator’s cost.
Section 125 of the IRS Code. The employer shall provide a cash option for those who elect not to participate in Pak A. The cash amount shall be paid at the state hard cap single subscriber rate for each of the three years of the contract. The final year of this contract will be the baseline for negotiations going forward. The employer shall formally adopt a qualified plan document pursuant to Section 125 of the Internal Revenue Service Code. Members electing an annuity shall do so through a salary reduction agreement, subject to the maximum, allowable annual caps set, per IRS Code, on tax-sheltered withholdings for each employee. The program will become effective on July 1, 1997, or the date determined by the underwriting guidelines of the plan, but not more than ninety (90) calendar days following the adoption of the appropriate resolution by the District and the ratification of this Master Agreement by the parties hereto. Benefits currently being provided to bargaining unit members shall continue as is until the newly negotiated benefits program is in effect. All costs to implement and administer the Section 125 Plan shall be borne by the employer.
Section 125 of the IRS Code. The employer shall provide a cash option for those who elect not to participate in Pak A. The cash amount shall be paid at the single subscriber rate of $6,344.80. The employer shall formally adopt a qualified plan document pursuant to Section 125 of the Internal Revenue Service Code. Members electing an annuity shall do so through a salary reduction agreement, subject to the maximum, allowable annual caps set, per IRS Code, on tax-sheltered withholdings for each em- ployee. The program will become effective on July 1, 1997, or the date determined by the under- writing guidelines of the plan, but not more than ninety (90) calendar days following the adoption of the appropriate resolution by the District and the ratification of this Master Agreement by the parties hereto. Benefits currently being provided to bargaining unit members shall continue as is until the newly negotiated benefits program is in effect. All costs to implement and administer the Section 125 Plan shall be borne by the employer.
