Common use of Fringe Benefit Clause in Contracts

Fringe Benefit. Subd. 1 The Hebron Public School District shall pay, as a fringe benefit, in accordance with the negotiating agreement a single health policy. This fringe benefit will be made in compliance with federal and state laws using a Section 125 Flexible Benefit Plan with ▇▇▇▇▇▇ ▇▇▇▇ Insurance Company or other Association and Board agreed administrative agent. The amount will be prorated per percentage of time spent by teachers who teach less than full time. Subd. 2 Each individual teacher will receive a $50,000.00 life insurance policy. The School Board will pay the annual premium. The amount will be prorated per percentage of time spent by teachers who teach less than full time. Benefits will reduce to 75% of full volume when you reach age 65 and to 20% of full volume when you reach age 70. The change in the amount of insurance will occur on the premium due date on or after the date you attain such age.