Cafeteria Option Sample Clauses

The Cafeteria Option clause allows employees to select from a range of benefit options provided by their employer, tailoring their benefits package to best suit their individual needs. Typically, employees are given a set amount of credits or funds to allocate among various benefits such as health insurance, dental coverage, retirement plans, or flexible spending accounts. This clause ensures flexibility and personalization in employee benefits, addressing the diverse needs of a workforce and increasing overall satisfaction with the benefits program.
Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the employee elects a cash option in lieu of health insurance, the amount of the cash option shall be equal to $400 per month. If the employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $450 per month. An employee may elect to defer such cash into an IRS 403b account. To do so, the employee may be required to enter into a salary reduction agreement. An employee who opts to use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of employees will not commence until all of the proper forms and documentation are filed with the business office.
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Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide Employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the Employee elects a cash option in lieu of health insurance, the amount of the cash option shall be equal to $185 per pay period. If the Employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $208 per pay period. An Employee may elect to defer such cash into an IRS 403b account. To do so, the Employee may be required to enter into a salary reduction agreement. An Employee who opts to use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of Employees will not commence until all of the proper forms and documentation are filed with the business office. Employees electing the cash option shall complete the Appendix E form annually. Technical & Education Center Staff Assigned as Advisor to a Student Organization shall receive the following compensation: 1 or more REGIONAL $450 *If an instructor does not have a competition available to them for their program content at the regional level and his students go only to the state level, that instructor shall receive the $450 stipend only at the state level.
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Cafeteria Option. ‌ Bargaining unit members who opt not to utilize the RPOA benefit package, and who can document to the City's satisfaction that the member has comparable group insurance benefits through a spouse's plan or through another source (e.g. retired military benefits) shall receive a payment of $244 a month in lieu of the health and welfare premium. This option is available upon initial employment and at the annual insurance benefits "open period." Bargaining unit members receiving $244 in lieu of benefits may apply the credit towards an IRS Section 125 Flexible Benefits Plan. 13.B.1. The City shall contract with the CALPERS Health Benefits Program to provide medical insurance for all active employees, future retirees and future eligible survivors. Eligibility of retirees and survivors of retirees to participate in this program shall, be in accordance with the regulations promulgated by CALPERS. 13.B.2. The City shall pay the minimum required amount per month to CalPERS on behalf of each active employee, eligible retired employee, or eligible survivor of a retired employee who subscribes with CalPERS for coverage. This amount on behalf of retirees or their eligible survivors shall be increased annually as required by CalPERS regulations. 13.B.3. In addition to the contributions listed above, the City shall establish a benefit account for each active employee eligible for medical coverage who has enrolled in one of the 13.B.4. The City shall not treat the City contributions of the amount the employee receives indicated in Section 13.B.2 or the Employee Benefit Account as compensation subject to income tax withholding unless the Internal Revenue Service or the Franchise Tax Board indicates that such contributions are taxable income subject to withholding. Each employee shall be solely and personally responsible for any federal, state, or local tax liability, or penalty that may arise out of the implementation of this section.
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Cafeteria Option. The Board shall establish a Cafeteria Plan in accordance with Section 125 of the Internal Revenue Code. The Cafeteria Plan shall provide Employees who are eligible for health, dental and vision insurance with the option to receive cash in lieu of such insurance. If the Employee elects a cash option in lieu of health, dental and vision insurance, the amount of the cash option shall be equal to $230 per pay period. An Employee may elect to defer such cash into an IRS 403b account. To do so, the Employee may be required to enter into a salary reduction agreement. An Employee who optsto use the cash option to purchase an annuity must notify the business office, in writing, of this intention no later than October 1. Payments to annuity companies on behalf of Employees will not commence until all of the proper forms and documentation are filed with the business office. Employees electing the cash option shall complete the Appendix E form annually. Technical & Education Center Staff Assigned as Advisor to a Student Organization shall receive the following compensation: 1 or more REGIONAL $450 *If an instructor does not have a competition available to them for their program content at the regional level and his students go only to the state level, that instructor shall receive the $450 stipend only at the statelevel.
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Cafeteria Option. Bargaining unit members who opt not to use the above medical insurance, and who can document to the City's satisfaction that he/she has group health insurance benefits through a spouse's plan or through another source shall receive a credit of $200 ($150 if not eligible for dependent coverage) a month. This option is available upon initial employment and at the annual insurance benefits "open period." In the event alternative coverage is lost, the City will allow immediate reinstatement to the City's health plan as described in the preceding paragraphs. Bargaining unit members receiving the $200 credit in lieu of benefits may apply the credit towards the IRS Section 125 Flexible Benefits Plan described in section III.A.6., or receive the $200 as a taxable addition to their salary.
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Cafeteria Option. Bargaining unit members who opt not to use the above medical insurance, and who can document to the City's satisfaction that he/she has group health insurance benefits through a spouses' plan or through another source (e.g., retired military benefits) shall receive a credit of $200 ($150 if not eligible for dependent coverage) a month. This option is available upon initial employment and at the annual insurance benefits "open enrollment” period. In the event alternative coverage is lost, the City will allow reinstatement within 30 days of the loss of coverage date to the City's health plan as described in the preceding paragraphs. Bargaining unit members receiving the $200 credit in lieu of benefits may apply the credit towards the IRS Section 125 Flexible Benefits Plan described in F. below, or receive the $200 as a taxable addition to their salary.
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Cafeteria Option. The cafeteria option of Article V, Section 10 will be discontinued effective close of business on June 30, 2017, and that provision shall be deleted from the successor collective bargaining agreement. In addition, each unit member employed on June 30, 2017 shall have his or her base salary increased by the dollar amount of the cafeteria option in effect during the 2016-17 school year immediately before applying the percentage increase to salaries as set forth above for the 2017-18 school year.
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Related to Cafeteria Option

  • Cafeteria Plan During the term of the MOU, the Town agrees to maintain a Cafeteria Plan, pursuant to Section 125 of the Internal Revenue Code, for the purpose of providing eligible active employees with access to various health and welfare benefits. Benefits available through the Cafeteria Plan include medical insurance, dental insurance, vision insurance and life insurance benefits.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.