Qualified Benefit definition

Qualified Benefit means any benefit excluded from the Employee’s taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127 or 132 and any other benefit permitted by the Income Tax Regulations (i.e., any group term life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code Sec. 79) Notwithstanding the previous sentence, long-term care insurance is not a “Qualified Benefit.”

Qualified Benefit means one or more of the following benefits permitted under Section 125 of the Code and offered through the Plan (as specified in the Plan Highlights): (i) payment of Dental Insurance premiums; (ii) payment of Disability Insurance premiums; (iii) payment of Health Insurance premiums; (iv) payment of Life Insurance premiums; (v) payment of Vision Insurance premiums; (vi) reimbursement of Adoption Expenses, but only to the extent not otherwise reimbursable; (vii) reimbursement of Dependent Care Expenses, but only to the extent not otherwise reimbursable; (viii) reimbursement of Medical Expenses, but only to the extent not otherwise reimbursable; and (ix) Health Savings Account contributions.

Qualified Benefit means any benefit excluded from the Employee's taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127, or 132 and any other benefit permitted by the Income Tax Regulations (i.e., any group-term life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code Sec. 79). Notwithstanding the previous sentence, long-term care insurance is not a "Qualified Benefit."

Examples of Qualified Benefit in a sentence

• A former Participant will become a Participant again when he or she again becomes an Employee as defined in Section 2.16 of this Plan, is eligible for a Qualified Benefit pursuant to the Agreement, complies with the provisions of this Plan and executes, completes and submits the electronic and/or paper forms required by the Administrator with the Administrator in a timely manner as provided in Section 4.2 and 7.7 of the Plan.

• Individual policy holders and small employers are intended policyholders or third party beneficiaries of the Qualified Benefit Plans issued to them by Carrier under this Contract.

• The election shall be effective as of the first date on which the Employee is eligible for coverage under the applicable Qualified Benefit.

• The District has established and maintained a Cafeteria Plan Account for each Participant who is eligible under an Agreement to elect to receive cash in lieu of a Qualified Benefit and who elects to do so or who is required by an Agreement or by law to make Participant contributions to the Plan in the form of premium co-payments.

• Every Employee (as defined in Section 2.16) of the District shall be entitled to participate in the Plan and the Cafeteria Plan on the date the Employee became eligible for any Qualified Benefit pursuant to the Agreement or the Effective Date, if later.

More Definitions of Qualified Benefit

Qualified Benefit means the aggregate annual benefit payable to a Participant pursuant to the Qualified Plan by reason of the Participant’s termination of employment with PSEG and all Affiliates for any reason other than death.

Qualified Benefit means any Benefit which, with the application of Code Section 125(a), is not includable in the gross income of an Employee by reason of an express provision of Chapter 1 of the Code.

Qualified Benefit means any benefit excluded from the Employee's taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127, or 132 and any other benefit permitted by the Income Tax Regulations (i.e., any life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code Sec. 79). Notwithstanding the previous sentence, benefits prohibited under Section 125(f) (e.g. qualified health plans (as defined in Section 1301 of the Affordable CareAct) that are purchased in the individual market through a public Exchange and long-term care insurance) are not "Qualified Benefits".

Qualified Benefit means any benefit excluded from the Employee’s taxable income under the Code other than §§ 106(b), 117, 124, 127, or 132 and any other benefit permitted by Treasury Regulations (e.g., any group-term employee life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code § 79).‌

Qualified Benefit means any benefit excluded from the Employee’s taxable income under Chapter 1 of the Code (other than benefits excluded under Code §§ 106(b), 117, 127, or 132) and any other benefit permitted by regulations under the Code (i.e., any group-term life insurance coverage that is includible in gross income by reason of exceeding the dollar limitation on non- taxable coverage under Code § 79). Long-term care insurance shall not be a Qualified Benefit.

Qualified Benefit means a benefit offered under a Component Plan attributable to employer contributions to the extent that it is not currently included in the Participant’s income and is included as a qualified benefit in Code Section 125(f).

Qualified Benefit means a benefit that is excludable from gross income under an express provision of IRS Section 125.