Section 125 Plan Allowance Sample Clauses

Section 125 Plan Allowance. For the duration of the MOU, the Authority agrees to maintain a Medical Benefits Allowance (MBA) Cafeteria Plan, pursuant to Section 125 of the Internal Revenue Code, for the purpose of providing employees with access to various health and welfare benefits. The Authority agrees to provide each employee with a monthly contribution (125 Plan Allowance) to be used towards the purchase of those benefits available through the 125 Plan. Benefits available through the 125 Plan Medical Benefits Allowance (MBA) include health insurance, dental insurance and life insurance. All contributions to the MBA are contingent upon compliance with state and federal rules and regulations. The Authority contribution based on eligibility level is as follows: Employee Only $1,105.00 for the duration of the Agreement. Employee Plus One $1,305.00 for medical plan year 2016. $1,355.00 for medical plan year 2017. $1,405.00 for medical plan year 2018. Family $1,380.00 for medical plan year 2016. $1,430.00 for medical plan year 2017. $1,505.00 for medical plan year 2018. Participation in dental and life insurance benefits are mandatory for any employee receiving a 125 Plan Allowance Medical Benefits Allowance (MBA) under this Section. Employees are also required to participate in a health insurance plan, subject to receipt of a waiver as provided for under Section 3.1.5 below. Employees shall be responsible for paying any difference between the costs of selected benefits and the Medical Benefits Allowance 125 Plan Allowance (MBA) provided by the Authority. An employee hired prior to March 1, 2011, who waives health plan coverage or who does not use the full MBA contribution to purchase mandatory benefits may elect to receive any unused portion of his or her 125 Plan Allowance (MBA) in cash, up to a maximum of Two Hundred and Forty Dollars ($240.00) per month. An employee hired after March 1, 2011, who waives health plan coverage or who does not use the full MBA contribution to purchase mandatory benefits may elect to receive any unused portion of his or her 125 Plan Allowance (MBA) in cash, up to a maximum of One Hundred and Twenty Dollars ($120.00) per month. See Exhibit C for explanation.
Sample 1
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Section 125 Plan Allowance. The Authority maintains a Cafeteria Plan pursuant to Section 125 of the Internal Revenue Code, for the purpose of providing employees with access to various health and welfare benefits. The Authority agrees to provide each employee with a monthly contribution (125 Plan Allowance) to be used towards the purchase of those benefits available through the 125 Plan. This contribution is separate from and in addition to the employer contribution provided under section 3.1.2 above. Benefits available through the 125 Plan include health insurance, dental insurance, group term life insurance, and a flexible spending account. All contributions to the 125 Plan are contingent upon compliance with state and federal rules and regulations. The Authority’s 125 Plan Allowance is based on eligibility level as follows: The Employee Only allowance is one thousand one hundred and five dollars ($1,105.00) per month. Effective April 1, 2021, the Employee Plus One allowance is increased by fifty dollars ($50.00) per month, resulting in allowance of one thousand five hundred and five dollars ($1,505.00) per month. Effective April 1, 2021, the Employee Plus Family allowance is increased by one hundred dollars ($100.00) per month, resulting in an allowance of one thousand six hundred and eighty dollars ($1,680.00) per month. Participation in dental and life insurance benefits are mandatory for any employee receiving a 125 Plan Allowance. Employees are also required to participate in a health insurance plan, subject to receipt of a waiver as provided for under Section 3.1.8 below. Employees shall be responsible for paying any difference between the cost of selected benefits and the 125 Plan Allowance provided by the Authority.
Sample 1

Related to Section 125 Plan Allowance

  • Separation Allowance 13.01 Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following:

  • TERMINATION ALLOWANCE In the event of closure of all or part of the Employer’s retail store, which results in the permanent lay-off of any employees, the employer agrees to pay each employee so affected, in accordance with Company policy, the following: • Less than one (1) completed year of service: according to Employment Standards (if any). • A year or more but less than five (5) completed years of service: one (1) week’s pay for each completed year of service. • More than five (5) completed years of service: five (5) weeks for the first five (5) years of service plus one and a half (1.5) weeks per completed year of service for each subsequent year up to a maximum of thirty (30) weeks in total.

  • SALARY INDEMNITY PLAN ALLOWANCE 1. The employer shall pay monthly to each employee eligible to participate in the BCTF Salary Indemnity Plan an allowance equal to 2.0% of salary earned in that month to assist in offsetting a portion of the costs of the BCTF Salary Indemnity Plan.

  • Per Diem Allowance A per diem allowance of seven dollars and thirty-five cents ($7.35) may be claimed for each twenty-four (24) hour period while away from home.

  • - Separation Allowances (a) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 9.08(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of twelve (12) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Vacation Allowance Employees in permanent positions are entitled to vacation with pay. Accrual is based upon straight time hours of working time per calendar month of service and begins on the date of appointment to a permanent position. Increased accruals begin on the first of the month following the month in which the employee qualifies. Accrual for portions of a month shall be in minimum amounts of one (1) hour calculated on the same basis as for partial month compensation pursuant to Section 5.6 of this MOU. Vacation credits may be taken in one (1) minute increments but may not be taken during the first six (6) months of employment (not necessarily synonymous with probationary status) except where sick leave has been exhausted; and none shall be allowed in excess of actual accrual at the time vacation is taken.

  • Annual Allowance The Corporation shall pay to the Executive, in cash, in a lump sum, on the Payment Date an amount equal to two times the annual allowance to which the Executive is entitled as of the date of the Date of Termination (or, if higher, as of immediately prior to the Effective Date).

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • Relocation Allowance An employee who is promoted and required by agency policy to relocate his residence shall be granted time off with pay for one workday for this purpose. In addition, the employee shall be granted travel time to the new location based on the most direct route. No employee will be credited with more than the number of hours in the employee’s regular workday and such time shall not be counted as hours worked for the purpose of computing compensatory time or overtime.

  • Meal Allowance A shift worker who works a qualifying shift of eight hours or the rostered shift, whichever is the greater, and who is required to work more than one hour beyond the end of the shift (excluding any break for a meal) shall be paid a meal allowance of $7.95, or, at the option of the employer, be provided with a meal.

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