Agenda Item #65
IN1 Section 125 Flexible Benefits Plan Documents
The School Board initially established these plans in 1995 and revised them in 2000, 2004 and 2007. These plans provide significant tax savings to employees and the District.
The District is desirous of continuing our ability to offer various pre-tax benefits to our employees.
The School Board is required to adopt and maintain Plan Documents to comply with Internal Revenue Code (IRC) Section 125.105 and 129. The requirement is to have a Master Document for Section 125 which incorporates the other related sections of the Internal Revenue Code.
I recommend the School Board adopt the revised Section 125 Flexible Benefits Plan Documents effective January 1, 2013.
Michael J. Burke, Chief Operating Officer (email@example.com)
Dianne L. Howard, Director, Risk and Benefits Management (firstname.lastname@example.org)
The financial impact is a savings in excess of $1.7 million annually for the District.
Attachment: Section 125 Summary Plan Document.pdf
Attachment: Section 125 Flexible Benefits Plan.pdf
Attachment: Appendix A to to Section 125 Flexible Benefits Plan.pdf
Attachment: Apendix B to Section 125 Flexible Benefits Plan.pdf