1984 - 11-05-84 Regular Meeting - Laserfiche WebLink

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aooz 11 ~r,~. ~2 ARTICLE I PURPOSE OF PLAN 1.01 The purpose of this Plan is to furnish employees of the County with a choice of receiving certain tax free benefits provided by the County in lieu of taxable compensation. It is the intention of the County that the Plan qualify as a "Cafeteria Plan" within the meaning of Section 125(d) of the Internal Revenue Code of 1954, as amended, and that the benefits which an Employee elects to receive under the Plan be eligible for exclusion from such Employee's income under Section 125(a) of the Internal Revenue Code of 1954, as amended. ARTICLE II DEFINITIONS 2.01 "Code" means the Internal Revenue Code of 1954, as amended or as it may be amended from time to time. 2.02 "County" means Lee County, North Carolina. 2.03 "County Plan" means any plan or program of the County providing a Nontaxable Benefit. 2.04 "Compensation" means the total wages and salary, including overtime payments, which is paid by the County to a Participant during the Plan Year. 2.05 "Employees" means any person employed by the County on a full-time basis or part-time for 25 hours or more per week. 2.05 "Nontaxable Benefit" means (i) any benefit provided to a Participant under the County's Group Health Care Plan, which is not includible in the Participant's income; and (ii) any amount paid or incurred to purchase health care insurance for the Participant under the Countv's Health Care Program. "Taxable Benefit" means (i) cash. 2.07 "One Year Break in Employment" means the twelve (12) consecutive month period commencing on the date the Employee ceases employment with the County, if the Employee is not entitled to Compensation for the peformance of duties of the County during that period. 2.08 "Participant" means any Employee who has satisfied the eligibility requirements of Section 3.01 hereof and has not, for any reason, become ineligible to participate in the Plan. 2.09 "Plan" means the Lee County Flexible Benefit Plan. 2.10 "Plan Administrator" means the person or persons desig- nated to administer the Plan pursuant to Section 5.01 hereof.