Section 125 Salary Reduction Plan Sample Clauses

Section 125 Salary Reduction Plan. The Town agrees to allow the members of the bargaining unit to participate in the Section 125 Salary Reduction Plan as is made available to other non-contract Town employees pursuant to the Town's personnel policy.
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Section 125 Salary Reduction Plan. 1. The Board shall establish a fringe benefit program which complies with Section 125 of the Internal Revenue Code. The Board shall provide the opportunity for each employee to execute a salary reduction agreement, once annually, when additional benefits are selected. Once the annual allocation is made for each selected benefit, the only change which will be allowed is for a fluctuation in health care premium or marital and/or family status changes. Each teacher executing a salary reduction agreement for benefits shall allocate an annual sum to be used for the purchase of: a. Any benefit which meets the requirements of a Salary Reduction Plan of Section 125 of the Internal Revenue Code and which has been approved for inclusion in this section by the Insurance Committee as established in paragraph 3 below. b. A current listing of approved benefits will be given to each teacher at the beginning of the school year. 2. The deadline for completing the salary reduction agreement will be August 31 of each year. The Board shall provide each employee a description of the benefit coverage provided within ten (10) days of the beginning of the school year, or date of employment, which shall include a clear description of conditions and limits of coverage as provided above. When requested by the employee, the Board shall provide application forms and, when necessary, information about the program. 3. A committee for the selection of insurance companies and policies will be composed of six (6) teachers appointed by ACTA, three (3) administrators, one (1) Board of Education member, two (2) classified employees selected by the classified employees and a retired teacher who is enrolled in the district’s insurance group to be selected by the committee as a non-voting member.
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Section 125 Salary Reduction Plan. ‌ 1. The Board shall establish a fringe benefit program, which complies with Section 125 of the Internal Revenue Code. The Board shall provide the opportunity for each employee to execute a Benefit Selection Agreement, each year prior to plan anniversary date. Once the annual allocation is made for each selected benefit, the only change, which will be allowed, is for health insurance premium or status changes. Employees may change selected benefits, 30 days prior to the plan anniversary date to make adjustments in premium changes to health insurance or status changes. 2. A. Each Employee executing a Benefit Selection Agreement shall allocate an amount not to exceed the maximum amount of benefits for the following options: 1) Group Term Life and Accidental Death and Dismemberment (not to exceed $50,000.00 face value) 2) Approved Health Insurance 3) Cancer Insurance
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Section 125 Salary Reduction Plan. The district hereby adopts the Section 125 Flexible Benefit Plan for those employees who shall qualify as participants. Each participant may authorize the district to reduce his/her compensation by the amount needed for the purpose of benefits elected, less the amount of non-elective contributions. An election for salary reduction will be made on the benefit election form. The maximum amount available to each participant for the purchase of elected benefits through salary protection will be $8,000.00 per plan year or a prorated amount for a short plan year. Available Benefits will include Group Hospital and Surgery Insurance, Disability Income Insurance, Medical Reimbursement (Flex spending), Dental Insurance, Cancer Coverage, Group Life Insurance and Annuity. The Board offers payment of $510 per month toward the USD #284 group health plan for those who chose to enroll in the group health insurance program.
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Section 125 Salary Reduction Plan 
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Related to Section 125 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.

  • 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.

  • 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.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Section 125 Plan The Trustees shall continue the Section 125 plan to allow pretax treatment of the employee’s share of health and dental insurance premiums. The plan will be available as soon as practicable, but no later July 1, 1998. The plan will be amended to include a medical reimbursement account and a dependent care reimbursement account to be available for enrollment no earlier than July 1, 2003, but no later than December 31, 2003.