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ITEM 8 Florida Gulf Coast University Board of Trustees April 10, SUBJECT Section 125 Cafeteria Plan for University Employees PRO Form
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Video instructions and help with filling out and completing ITEM 8 Florida Gulf Coast University Board Of Trustees April 10, SUBJECT Section 125 Cafeteria Plan For University Employees PROPOSED BOARD ACTION 1 Adopt The State Of Florida S Salary Reduction Cafeteria Plan And 2 Authorize Form
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People also ask
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What is included in a Section 125 cafeteria plan?
Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis. They are sometimes called Section 125 Cafeteria Plans.
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What is excluded from a cafeteria plan?
Cafeteria plans are for employees. If you are self-employed, you are not considered an employee and are not eligible for a cafeteria plan, whether it is set up by you or another person.
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What cannot be included in a cafeteria plan?
A cafeteria plan may not include any plan that offers a benefit that defers the receipt of compensation. In addition, a cafeteria plan may not operate in a manner that enables employees to defer compensation.
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Which of the following benefits may not be included in a section 125 cafeteria plan?
A Section 125 Plan generally may not include benefits that result in the deferral of compensation. Also, the following non-qualified benefits may not be offered through a Section 125 Plan: Long-term care insurance and long-term care services. Scholarships under Code Section 117.
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What are a major disadvantages of a cafeteria benefit plan?
They increase government costs. What is a major disadvantage of cafeteria benefit plans? They increase the complexity of the administration of the plans. They are rejected by most workers.
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What expenses are eligible for the cafeteria plan?
A Section 125 plan typically lets employees use pretax money to pay for health insurance premiums for medical, dental, and vision. Other options include retirement deposits, supplemental life or disability insurance, Health Savings Accounts, and various medical or dependent care expenses.
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What are the qualifying events for Section 125 cafeteria plan?
Section 125 cafeteria plan qualifying events. Once employees enroll in a cafeteria plan and make their selections, they generally cannot change them until the next open enrollment period unless they experience a qualifying life event, such as: Marriage, divorce or legal separation. Childbirth or adoption.
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Which of the following benefits is ineligible to be included in a cafeteria plan?
Accident and health benefits are ineligible to be included in a cafeteria plan. The answer is a. Accident and health benefits (excluding Archer medical savings accounts). Cafeteria plans are a type of employee benefit plan that allows employees to choose between different types of benefits.
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