Common use of Section 125 Salary Reduction Plan Clause in Contracts

Section 125 Salary Reduction Plan. The district hereby adopts the Section 125 Flexible Benefit Plan for those employees who shall qualify as participants. Each participant may authorize the district to reduce his/her compensation by the amount needed for the purpose of benefits elected, less the amount of non-elective contributions. An election for salary reduction will be made on the benefit election form. The maximum amount available to each participant for the purchase of elected benefits through salary protection will be $8,000.00 per plan year or a prorated amount for a short plan year. Available Benefits will include Group Hospital and Surgery Insurance, Disability Income Insurance, Medical Reimbursement (Flex spending), Dental Insurance, Cancer Coverage, Group Life Insurance and Annuity. The Board offers payment of $510 per month toward the USD #284 group health plan for those who chose to enroll in the group health insurance program.