a. The date an Employee ceases to be an Employee; b. The date the Employee fails to meet the eligibility requirements for the Plan; or c. The date on which the Plan terminates.
Coverage periods under the benefit plans listed in Appendix A will be controlled solely by the individual benefit plan(s). You should consult the summaries or summary plan descriptions for the individual benefit plan(s) to determine the applicable coverage periods for the individual benefit plan(s).
PAYING FOR YOUR BENEFITS
You may acquire benefits under the Plan with pre-tax employee contributions. The pre-tax employee contributions are that portion of your compensation that you elect to apply to purchase benefits, rather than receive in cash. Pre-tax employee contributions are not subject to withholding for federal income or FICA taxes. Consequently, the amount withheld for taxes is reduced and employees who participate will, in most instances, see their take home pay increase. Here is an example of how it works: Your gross pay for a pay period is $1,000 and you are having $100 withheld to pay for benefits under the Plan. Currently, your withholding taxes are calculated based on $1,000. By applying pre-tax employee contributions to purchase benefits, your benefit costs are deducted first so that your taxes are computed on only $900. Less tax is withheld and the savings are yours.
Setting money aside as pre-tax employee contributions may mean a reduction in your Social Security benefits upon retirement or disability. However, the reduction most likely would be small.
AVAILABLE BENEFITS
Benefits
Under the applicable benefit plans offered by the Company, you are entitled to benefits for you and, if you so elect and the benefit plan provides family benefits, for your eligible family members. When you elect coverage under a benefit plan, you may pay your required contributions through this Plan on a pre-tax basis. The contributions you pay for such coverage will not be subject to federal or state income tax or FICA tax. You pay the applicable contribution for the level or type of coverage (employee-only, employee and spouse, employee and children or family) you select. If the required contributions change, your pre- tax employee contributions are automatically adjusted to reflect such change. .
4
VER 7-1-2023
Made with FlippingBook Digital Publishing Software