FLEXIBLE FRINGE BENEFIT PROGRAM Sample Clauses
The Flexible Fringe Benefit Program clause establishes an arrangement that allows employees to select from a range of optional benefits, tailoring their compensation package to better suit their individual needs. Under this program, employees may choose benefits such as additional health coverage, childcare assistance, or extra vacation days, often within a set budget or points system provided by the employer. This clause's core function is to enhance employee satisfaction and retention by offering customizable benefits, thereby addressing diverse workforce preferences and improving overall morale.
FLEXIBLE FRINGE BENEFIT PROGRAM. 1. The benefits provided to teachers by Section 125 of the Internal Revenue Act of 1978 shall be made available to any bargaining unit members so requesting and upon approval by the Internal Revenue Service. An amount not to exceed fifty percent (50%) of salary may be set aside by the teacher for the selection of benefits under Section 125 of the Internal Revenue Code, which are non-taxable benefits of Medical Insurance, Dental Insurance, Vision Insurance, Section 79 Life Insurance, Non-Reimbursed Medical Expenses, Dependent Care and taxable benefits of cash. The Board shall pay the fees for the Trust Account. Participants in the reimbursement account(s) shall pay the monthly administration fee.
2. The Flexible Fringe Benefit Election Form shall be an Appendix to this Agreement. The enabling Flexible Fringe Benefit Program, a copy of which may be found in the office of the Superintendent, is hereby incorporated by reference.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Code as enacted by the Revenue Act of 1978 shall be made available to bargaining unit members. The teachers’ salary schedule includes the maximum amount allowed by regulation which is set aside for a Section 125 Flexible Fringe Benefit Program which shall include Board approved non-taxable benefits of medical insurance, Long Term Disability, Short Term Disability, Section 79 life insurance and other insurance products provided in Section 125 and taxable benefits of cash. The Flexible Fringe Benefit Election Form with option of Generation 1 or Generation 1 and 2 is set forth in Appendix E. The Enabling Flexible Fringe Benefit Program is hereby incorporated by reference. Commencing in the 1990-91 school year, the Board will adopt a first and second generation Flexible Fringe Benefit Plan. Those teachers participating in the reimbursement account (Generation 2) will be responsible for the cost of the monthly administration fee. The Employer is responsible for the following:
1. No more than $100 as a startup fee to open the account.
2. No more than $100 yearly as a cost to invest the funds in the account.
3. No more than $120 yearly as a service fee for the account.
4. No more than $100 as a fee to close the account. Once the Section 125 Flexible Fringe Benefit Administration is selected, the School Corporation will not change administration prior to August 10, 1991.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to members by Section 125 of the Internal Revenue Act of 1978 shall be made available at no cost to members who elect to be on the PPO Insurance Plan only. Members’ contributions to health insurance premiums may be tax sheltered, and members may set up medical, dental, and dependent care accounts if they so choose. Members choosing the HDHP may use the Flexible Fringe Benefits Program available at no cost to set up accounts for dental, vision and dependent care.
FLEXIBLE FRINGE BENEFIT PROGRAM. 1601 The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to any bargaining unit members so requesting and upon approval by the Internal Revenue Service. An amount not to exceed $2,500 annually may be set aside by the employee for the selection of benefits under Section 125 of the Internal Revenue Code, which are non-taxable benefits of Medical Insurance, Dental Insurance, Vision Insurance, Section 79 Life Insurance, Non-Reimbursed Medical Expenses, and Dependent Care. The Board shall pay the fees for the Trust Account. Participants in the reimbursement account(s), shall pay the monthly administration fee.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to any bargaining unit members so requesting and upon approval by the Internal Revenue Service. An amount not to exceed fifty percent (50%) of salary may be set aside by the employee for the selection of benefits under Section 125 of the Internal Revenue Code, which are non-taxable benefits of Medical Insurance, Dental Insurance, Vision Insurance, Prescription Insurance, Cancer Insurance, Section 79 Life Insurance, Non-Reimbursed Medical Expenses, Dependent Care and taxable benefits of cash. The Board shall pay the fees for the Trust Account. Participants in the reimbursement account(s) shall pay the monthly administration fee.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to any bargaining unit members so requesting and upon approval by the Internal Revenue Service. An amount not to exceed fifty percent (50%) of salary may be set aside by the employee for the selection of benefits under Section 125 of the Internal Revenue Code, which are non-taxable benefits of Medical Insurance, Dental Insurance, Vision Insurance, Prescription Insurance, Cancer Insurance, Section 79 Life Insurance, Non-Reimbursed Medical Expenses, Dependent Care and taxable benefits of cash. The Board shall pay the fees for the Trust Account. Participants in the reimbursement accounts) shall pay the monthly administration fee. The Flexible Fringe Benefit Election Form shall be an Appendix to this Agreement. The enabling Flexible Fringe Benefit Program, a copy of which may be found in the office of the Superintendent, is hereby incorporated by reference.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to bargaining unit members upon approval by the Internal Revenue Service. The Teachers Salary Schedule includes an amount not to exceed 50% of the individual's salary which may be set aside for a Section 125 Flexible Fringe Benefit Program which shall include non-taxable benefits of Medical Insurance, Disability Insurance, Section 79 Life Insurance, non-reimbursed medical, and dependent care. The Board will pay the fee for the Trust Account, and all other fees will be paid by the participating employee(s).
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to any bargaining unit members requesting and upon approval by the Internal Revenue service. An amount not to exceed fifty percent (50%) of salary may be set aside by the employee for the selection of benefits under Section 125 of the Internal Revenue Code, which are nontaxable benefits of Medical Insurance, Long and/or short Term Disability Insurance, Section 79 Life Insurance, Cancer Insurance, Non-Reimbursed Medical Expenses, Dependent Care and taxable benefits of cash. The Board shall pay the fees for the Trust Account. Participants in the reimbursement account(s) shall pay the monthly administration fee.
FLEXIBLE FRINGE BENEFIT PROGRAM. The benefits provided to employees by Section 125 of the Internal Revenue Act of 1978 shall be made available to bargaining unit members. An amount not to exceed fifty percent (50%) of salary may be set aside by the teacher for the selection of benefits under Section 125 of the Internal Revenue Code, which are non-taxable benefits of Medical Insurance, Dental Insurance, Cancer Insurance, Life Insurance, Non- Reimbursed Medical Expenses, Dependent Care and taxable benefits of cash. Deductions for non- reimbursed medical expenses and dependent care expenses shall be withheld from the participant's checks.