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This document outlines the features and eligibility for the 125 Plan, including health flexible spending accounts and other benefits for Ozark Border Electric Cooperative employees.
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What is 125 plan summary plan?
The 125 plan summary plan refers to a type of cafeteria plan that allows employees to choose from a variety of pre-tax benefit options, including health insurance, dental and vision coverage, and other specified benefits.
Who is required to file 125 plan summary plan?
Employers that offer a Section 125 cafeteria plan are required to provide a summary plan description to eligible employees and to file the necessary documentation with the appropriate government agencies.
How to fill out 125 plan summary plan?
To fill out the 125 plan summary plan, employers should gather information regarding the plan options, eligibility requirements, benefits available, and any disclaimers. This information should then be organized in a clear, concise summary that adheres to regulatory guidelines.
What is the purpose of 125 plan summary plan?
The purpose of the 125 plan summary plan is to inform employees about their benefits, how the plan works, and the rights and responsibilities associated with their enrollment in a cafeteria plan.
What information must be reported on 125 plan summary plan?
The 125 plan summary plan must report details such as the plan's name, sponsor information, eligibility criteria, benefits offered, any costs associated, and procedures for claims and appeals.
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