Section 125 Option - Salary Reduction Plan Sample Clauses

Section 125 Option - Salary Reduction Plan. The Board shall maintain a salary reduction plan which meets the requirements of Section 125 of the Internal Revenue Code of 1986, as amended, ("Code"). If at any time Code Section 125 or its related regulations are amended, the parties shall promptly revise the plan to comply with amendment(s). An employee may annually elect to participate by choosing to receive benefits for the purposes set forth below, and in the amounts specified. The total amount elected shall be deducted from each employee's compensation. Prior to the beginning of the plan year (which begins January 1 of each year), each employee shall, in writing, designate the dollar amount(s) elected for that year for each of the following benefits:
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Related to Section 125 Option - Salary Reduction Plan

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Effective Date of Benefits Your coverage will become effective on your date of eligibility, provided you are actively at work on a full time basis. If you are not actively at work on the date insurance would normally commence, coverage will begin on your return to work full time for full pay.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION PCA Article B.3 does not apply in School District No. 34 (Abbotsford).

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