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Pre-tax Automatic Payment Plan

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Policy Information
  • Issue Date: November 13, 1998
  • Primary Contact: Director of Human Resources
  • Responsible Member of Directorate: President and Director
  • Responsible Office: Human Resources
Contents
Policy Information
Overview


Overview
I.  The Institution offers a plan for eligible employees to pay medical and family dental premiums on a pre-tax basis.
Premium deductions paid on a pre-tax basis reduce income and FICA taxes.  However, reduction in FICA wages may mean a small reduction in social security benefits.

II.  There are strict IRS restrictions regarding when an employee can request a change in the agreement to salary reduction amount.

A. An election to receive Automatic Premium Payments may be ammended or revoked on January 1st of each year or as of a change of status.

B. Status changes include:

1.the marriage or divorce of the employee,

2.birth or adoption of a child,

3.disability or death of the employee's child or spouse, or

4.loss or gain of employment by the employee's spouse,

5.significant change in health care benefits or premiums available to either the employee or employee's spouse.

C. Request for change must be made within 31 days of the qualifying change of status.
Should you require assistance in the interpretation  of this procedure, please contact your Human Resources Representative.



Last updated: July 29, 2014
 


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