Salary Reduction Plan. The Board of Education shall establish and administer a salary reduction plan under Internal Revenue Code Section 125. The amount of salary to be reduced shall not exceed the sum authorized by Internal Revenue Code Section 125. Licensed employees may select any combination of health insurance, salary protection insurance, cancer insurance, unreimbursed medical expenses, and day care expenses as non-taxable fringe benefits. The dollar amount not designated as fringe benefits will be paid in cash, less taxes as required by IRS regulations and USD 417 obligations for FICA, Medicare, and unemployment insurance.
Appears in 4 contracts
Sources: Negotiated Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement