Latest revision: May 1998
Employees working more than 20 hours per week may enroll in the Section 125 flexible benefit plan. Initial enrollment must occur within the first 30 days of employment or during the annual enrollment period. opened.
The flexible section 125 benefit plan is based on participation for one calendar year only (January to December). Re-registration is compulsory for each calendar year in which the employee wishes to participate.
Premium plan only: The cost of dependent health insurance for a spouse and / or dependent children will be deducted from the employee’s salary on a tax-exempt basis. In addition, employees who choose to participate in the Supplemental Life Insurance Plan (the first $ 10,000 of Additional Protection only), the Personal Supplementary Accident Plan or the Cancer Plan will see the costs of these programs deducted from their salary on a tax-exempt basis. based.
Medical expense reimbursement account: Employees can voluntarily choose to set aside a portion of their earnings, on a tax-exempt basis, in a medical expense reimbursement account. When an employee and / or their dependents incur medical, dental, eye or hearing expenses that are not covered by an insurance plan, they may request reimbursement from their Section 125 account for cover the cost of these expenses.
The minimum contribution to this account is $ 25 per month; the maximum contribution is $ 500 per month. Only expenses incurred during the year of participation in the plan are eligible for reimbursement. Expenses must be submitted for reimbursement within 90 days of the end of the plan year or the remaining fund balances for that plan year are lost.
Reimbursement account for dependents: Employees can voluntarily choose to set aside a portion of their earnings, on a tax-exempt basis, in a dependent reimbursement account. Contributions to this account are used to reimburse the employee for expenses related to the care of his dependent children so that the employee or his spouse can work. Expenses for child care providers such as day care centers, babysitters, kindergartens and preschools are eligible for reimbursement.
The minimum contribution to this account is $ 25 per month; the maximum contribution is $ 416.66 per month. Only expenses incurred during the plan year are eligible for reimbursement. Expenses must be submitted for reimbursement within 60 days of the end of the plan year or the remaining fund balances for that year are lost.