Common use of Cafeteria Option Clause in Contracts

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.

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 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 statelevelstate level.