Common use of Section 125 Provisions Clause in Contracts

Section 125 Provisions. The benefits provided to employees by the provisions of Section 125 of the U.S. Internal Revenue Code (Flexible Benefit Plan) shall be provided and made available by the Board through a plan approved by the Employee Benefits Committee. An amount of salary may be set aside by the employee for the selection of non- taxable benefits in accordance with and under Section 125 of the Internal Revenue Code. Any subsequent changes in the plan design, as well as changes required by law, shall be by agreement of the parties to this collective bargaining agreement. All fees shall be paid by the participants. The amount paid to the Indiana State Teachers’ Retirement Fund (ISTRF) for each teacher who participates in Section 125 deductions are made and shall not cause such teacher’s ISTRF contributions to be reduced as a result of participation in Section 125.

Section 125 Provisions. The benefits provided to employees by the provisions of Section 125 of the U.S. U S. Internal Revenue Code (Flexible Benefit Plan) shall be provided and made available by the Board through a plan approved by the Employee Benefits Committee. An amount of salary may be set aside by the employee for the selection of non- taxable benefits in accordance with and under Section 125 of the Internal Revenue Code. Any subsequent changes in the plan design, as well as changes required by law, shall be by agreement of the parties to this collective bargaining agreement. All fees shall be paid by the participants. The amount paid to the Indiana State Teachers’ Retirement Fund (ISTRF) for each teacher who participates in Section 125 deductions are made and shall not cause such teacher’s ISTRF contributions to be reduced as a result of participation in Section 125.