Premium only plan definition

Premium only plan means the vehicle through which a participant pays his or her share of benefit costs by reducing his or her salary and using pre-tax dollars.
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Premium only plan means the vehicle through which a participant may elect to pay his or her share of benefit costs by reducing his or her salary and using pre-tax dollars.
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Premium only plan means the portion of the Plan described in ARTICLEIII, which allows each Participant to pay Qualifying Premium Expenses on a pretaxsalary reduction basis.
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Examples of Premium only plan in a sentence

  • A Section 125 (IRS) Benefit Premium Only Plan will be made available for the purpose of deducting employee contributions of the premium for health benefits on a pre-tax basis.


More Definitions of Premium only plan

Premium only plan means the vehicle through which a participant may elect to pay his share of benefit costs by reducing his salary and using pre-tax dollars.
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Premium only plan means the plan of benefits contained in Section 4.1 of this Plan, which provides for the payment of Premium Expenses.
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Premium only plan means insurance offered under the Employer’s Insurance Contract(s) selected in the Plan Document for the Participant, Spouse, and Dependents. The Employer may select suitable Insurance Contracts for use in providing health insurance benefits and other insurance benefits. Salary reductions are on a pre-tax basis to pay for certain premiums and not through a Spending Account.
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Related to Premium only plan

  • Premium payment plan means a benefit plan whereby state and

  • Parent 401(k) Plan has the meaning set forth in Section 6.6(e).

  • Company 401(k) Plan shall have the meaning set forth in Section 6.09(e).

  • Premium pay Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Rules and Regulations 26817 from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

  • Health benefits plan means a benefits plan which pays or

  • Parent Plan has the meaning set forth in Section 7.8(b).

  • 401(k) Plan shall have the meaning set forth in Section 6.3(a).

  • Number of Students Who Began Program means the number of students who began the program who are scheduled to complete the program within the reporting calendar year.

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Basic health plan model plan means a health plan as required in RCW 70.47.060(2)(e).

  • Number of Students Who Began the Program means the number of students who began a program who were scheduled to complete the program within 100% of the published program length within the reporting calendar year and excludes all students who cancelled during the cancellation period.

  • Pay Plan means the scale of wages as contained in the attached Appendix “A” and the rules governing its application, as per Article 12.

  • Retiree means any person who has begun accruing a retirement

  • Dental means of or relating to the teeth and the work of a dentist.