FLEX BENEFIT COMPENSATION PLAN definition

FLEX BENEFIT COMPENSATION PLAN. An employee eligible for benefits may elect to participate in the flex plan. Compensation for non-participation (Opt Out) in the health flex plan will be a cash rebate pro-rated in December of each year on the conditions that: (1) the employee voluntarily and in writing opts out of the available medical health care plan; and (2) provides documentation to the Superintendent’s designee that the employee has other medical health care coverage that meets the minimum value and coverage requirements of the Affordable Care Act. CORE OPT OUT * Rebates payable to eligible employees on the first pay period in December. DENTAL CORE OPT OUT 07.01: The Flex Benefit Plan shall be administered in compliance with Section 125 of the IRS Code. The flex plan shall provide a participant a choice between cash and a nontaxable benefit. To participate, the following conditions must be observed: (a) the participant must voluntarily cancel his/her current health insurance plan and/or dental insurance plan, (b) the participant must select the specific benefit to be received, (c) the participant must choose the benefit in
View Source
FLEX BENEFIT COMPENSATION PLAN. An employee eligible for benefits may elect to participate in the flex plan. Compensation for non-participation (Opt Out) in the health flex plan will be a cash rebate pro-rated in December of each year on the conditions that: (1) the employee voluntarily and in writing opts out of the available medical health care plan; and (2) provides documentation to the Superintendent’s designee that the employee has other medical health care coverage that meets the minimum value and coverage requirements of the Affordable Care Act. CORE OPT OUT * Rebates payable to eligible employees on the first pay period in December. 18.07.01: The Flex Benefit Plan shall be administered in compliance with Section 125 of the IRS Code. The flex plan shall provide a participant a choice between cash and a nontaxable benefit. To participate, the following conditions must be observed: (a) the participant must voluntarily cancel his/her current health insurance plan and/or dental insurance plan, (b) the participant must select the specific benefit to be received, (c) the participant must choose the benefit in advance, (d) the participant's choice is to be irrevocable for a minimum of a twelve (12) month period or the duration of the contract, whichever is greater,
View Source