INDEX Policies in Process Preliminaries Policies
|
Flexible BenefitsPolicy Statement Under the Employee Retirement Income Security Act of 1974 (ERISA), participants in covered benefit plans have certain rights and responsibilities. Eligible employees receive individual Summary Plan Descriptions outlining these rights and responsibilities. Flexible Benefits Plan Marywood University provides a Flexible Benefits Plan for full-time employees that offers choices on health insurance, long-term disability insurance, group term life insurance, accidental death and dismemberment insurance, and dental insurance. Flex credits are given to individuals who choose less costly options or opt out of coverage. Flex credits may be used to purchase different benefits and/or may be converted to taxable income. Section 125 of the Internal Revenue Code provides employers the opportunity to offer employees cash in lieu of benefits. Flexible Spending Accounts Under Section 125 of the Internal Revenue Code, employees may elect a pre-tax salary reduction to cover qualified dependent care expenses and qualified medical costs not reimbursed under the employees’ benefit plan. All full-time employees are eligible to participate in the Flexible Spending Accounts. Procedures Election forms must be completed on an annual basis. History of the Policy 04/23/93 - Approved by the Board of Trustees, effective 07/01/93 |
