What are the requirements for participating in the Flexible Benefites 125 Plan?
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Colonial Life and Accident Insurance Company is the plan administrator.
Full-time permanent employees are eligible. Must be employed on September 1, 2000, to participate in the January through December 2001 plan year. Enrollment period was 9/11/00 through 11/17/00 for the 2001 plan year.
Your principal will let you know when there will be a briefing on the plan and what day will be available for an individual meeting with a Colonial representative.
The following benefits are paid with pretax dollars, thereby reducing state and federal income taxes and social security tax (federal, state, and social security taxable wages are decreased):
Medical reimbursement (additional money deducted for expenses) Incurred expenses beyond what your regular medical/dental insurance will pay
Dependent Care: Child day-care
Cancer insurance: Colonial policy
Dental insurance: Employees having family dental can elect to pre-tax premiums
The following benefits are paid with post-tax dollars. There is not a tax savings.
Disability insurance Colonial policy
Critical illness insurance Colonial policy
Hospital income plan Colonial policy
Deductions are taken as follows:
10 month employees traditional school 10 pay periods
10 month employees traditional school electing 12 month pay 10 pay periods
10 month employees year round school 10 pay periods
11 month employees traditional school 11 pay periods
11 month employees traditional school electing 12 month pay 11 pay periods
11 month employees year round school 11 pay periods
12 month employees 12 pay periods