|
|
Section 125 Cafeteria Plan
Under the Section 125 Cafeteria plan, you will be able to choose
among certain benefits that the College makes available. The benefits
that you may choose are outlined in the summary plan description (SPD).
The SPD will also tell you about other important information concerning
the Plan, such as the rules you must satisfy before you can join and
the laws that protect your rights.
One of the most important features of Ferrum's Plan is that the benefits
being offered are generally ones that you are already paying for, but
normally with money that has first been subject to income and Social
Security taxes. Under Ferrum's Plan, these same expenses will be paid
for with a portion of your pay before Federal and State income or Social
Security taxes are withheld. This means that you will pay less tax and
have more money to spend and save.
Read this summary plan description carefully so that you understand
the provisions of the amended Plan and the benefits you will receive.
You should direct any questions you have to the Administrator. There
is a plan document on file in the Human Resources Office, John Wesley
Hall, Room 205, which you may review if you desire.
- Section
125 Cafeteria Plan Summary Plan Description (SPD)
- Information
on Premium Conversion
|
