A TRS-covered employer benefit plan that offers members a choice between insurance and options that qualify as salary under Board Rule 1650.450 ( e.g., cash, tax-sheltered annuities under the Internal Revenue Code (IRC), Section 403(b), or qualified deferred compensation plans under Section 457(b) of the IRC). These plans may be add-on (in addition to salary) or salary reduction (subtractions from gross salary) plans. A flexible benefit plan is reportable as creditable earnings.
A benefit program that offers employees a number of benefit options, allowing them to tailor benefits to their needs.
Offered by employers to employees and allows the employee some choices in the benefits, coverages and limits selected.
a choice between taxable and non-taxable benefits
A plan that provides a number of options for several different benefits. They often consist of core benefits that an employee must choose (such as vacations, low-option health insurance) and additional benefits that they desire (such as additional vacation days or high-option health insurance).
a plan under Section 125 of the Internal Revenue Code that gives employees a choice between taxable benefits, including cash, and nontaxable benefit programs. Employees typically have say in the election of benefits, and may be able to add employee contributions for increased benefits.
A qualified arrangement under which participants may elect a combination of various taxable and tax-preferred forms of compensation, often including but not limited to cash, health insurance, 401(k) plan contributions, life insurance, child care, and additional vacation days. Also called a cafeteria plan.
An employee benefit plan that gives each employee several choices as to the types and/or amounts of group benefits.
Provides employees a choice of reducing their salary and contribute this reduction into a pre-tax funded reimbursement plan. This plan can be used for many out-of-pocket health care or dependent care expenses.
A type of benefits program offered by some employers whereby employees are presented with a menu of various benefit options from which they are allowed to tailor their benefits to their individual needs. atekeeper The primary care provider responsible for managing medical treatment provided to an individual enrolled in a health plan.
a benefits package that allows the employee to choose certain benefits, a range of deductible amounts, and to designate specific benefits as pre-tax benefits.
Eligible employees may choose among two or more benefits consisting of cash and nontaxable benefits.
A type of benefit plan wherein the covered employees can tailor the benefits to meet their own individual needs or the needs of their respective families.
A benefit program regulated under IRC 125 that offers employees a choice between permissible taxable benefits (including cash) and nontaxable benefits such as life and health insurance, vacations, retirement plans and child/dependent care. Although a common core of benefits may be required, the employee may determine how his or her remaining benefits dollars are allocated for each type of benefit from the total amount offered by the employer.