Section 125 Cafeteria Salary Reduction Plan Clause Samples

Section 125 Cafeteria Salary Reduction Plan. Certified staff may authorize Wabaunsee to reduce salary for all plans contained in the district’s cafeteria plan document. In addition, faculty may retain an authorized annuity deducted from an employee’s monthly paycheck before this program was initiated prior to July 1, 1978. The carrier of the fringe benefit program is selected by the Board of Education. Certified staff must authorize Wabaunsee to expend their fringe benefit allocation each contract year on the form provided by September 1 of that year or they will lose their fringe benefit allocation. No changes will be allowed after September 1.
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Section 125 Cafeteria Salary Reduction Plan. Certified staff may authorize MCV to reduce salary for all plans contained in the district’s cafeteria plan document. In addition, faculty may retain an authorized annuity deducted from an employee’s monthly paycheck before this program was initiated prior to July 1, 1978. The carrier of the fringe benefit program is selected by the Board of Education. Certified staff must authorize MCV to expend their fringe benefit allocation each contract year on the form provided by September 1 of that year or they will lose their fringe benefit allocation. No changes will be allowed after September 1.
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Section 125 Cafeteria Salary Reduction Plan. The Board agrees to establish a Section 125 Cafeteria Salary Reduction Plan whereby each eligible professional employee has the right to reduce his/her compensation in an amount necessary to purchase selected non-taxable benefits from those contained in the plan. Each employee will then have the opportunity to reduce his/her compensation in the amount necessary for the Board to purchase those non-taxable benefits selected by said employee. The non-taxable benefits contained in the plan are health insurance, cancer insurance, and/or group term life insurance beyond the $10,000 group life insurance coverage provided by the Board, but not to exceed $50,000. The Plan will be on file in the district office and will be available for review by professional employees during regular office hours.
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Related to Section 125 Cafeteria Salary Reduction Plan

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Cafeteria Plan As of the Distribution Date, Seaport Entertainment or any of its Subsidiaries shall establish or provide a cafeteria plan qualifying under Section 125 of the Code (the “Seaport Entertainment Cafeteria Plan”) allowing for the payment of welfare plan premiums on a pre-tax basis by Transferring Employees. As of January 1 of the calendar year following the calendar year in which the Distribution Date occurs, Seaport Entertainment or any of its Subsidiaries shall amend the Seaport Entertainment Cafeteria Plan to also provide for health care and dependent care flexible spending reimbursement accounts thereunder in which Transferring Employees who meet the eligibility criteria thereof may be immediately eligible to participate. From the Distribution Date until the end of the calendar year in which the Distribution Date occurs, each Transferring Employee who participated in health care or dependent care flexible spending reimbursement accounts under HHH’s cafeteria plan (the “HHH Cafeteria Plan”) immediately prior to the Effective Time will be permitted to continue participation in such flexible spending reimbursement accounts, and applicable elections and payroll deductions that were in effect immediately before the Effective Time will continue, during the Transferring Employee’s continued employment with the Seaport Entertainment Group on and after the Effective Time, with the amount of such payroll deductions transferred to HHH pursuant to the HHH Cafeteria Plan. As soon as practicable following the claim submission deadline under the HHH Cafeteria Plan for claims incurred in the calendar year in which the Distribution Date occurred, the HHH Group shall determine the aggregate accumulated contributions to the flexible spending reimbursement accounts under the HHH Cafeteria Plan made during such year by the Transferring Employees less the aggregate reimbursement payouts made for such year from such accounts to such Transferring Employees (the “Net FSA Balance”). If the Net FSA Balance is positive, the HHH Group shall pay to the Seaport Entertainment Group an amount in cash equal to the Net FSA Balance. From the Distribution Date until the end of the calendar year in which the Distribution Date occurs, HHH shall be solely responsible for all claims for reimbursement from the flexible spending reimbursement accounts incurred by the Transferring Employees during the calendar year that includes the Distribution Date and submitted to the HHH Cafeteria Plan by the Transferring Employee no later than the claim submission deadline with respect to such calendar year, whether such claims are incurred prior to, on or after the Distribution Date, which claims shall be paid pursuant to and under the terms of the HHH Cafeteria Plan.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.