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Section 125 Benefit Information
NSLS offers a Section 125
Plan as a service for libraries and their eligible employees to take
advantage of the tax savings. Under the Section 125 Plan, participants
may pay for qualified Medical, Dental and Child Care expenses using
pretax dollars deducted from their paychecks.
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Two Areas Covered
POP - Premium Only Plan: allows the employee to pay for their monthly
health and dental insurance premium using pre-tax dollars. This lowers
their taxable gross pay resulting in tax savings.
FSA - Flexible Spending Account: allows for reimbursement to the participants
on a pretax basis for eligible health and/or child care expenses that
are not covered by an employer provided benefit plan.
Medical Reimbursements
- Annual maximum election: $2,000.00 (You may include dependents and spouse
in this amount).
- Annual minimum election: $120.00 ($10.00 per month)
- The minimum dollar amount of a check issued: $50.00 (This amount is
waived at the end of the plan year so checks may be issued to clear
out balances less than $50.00).
Dependent Care Reimbursements
- Annual Maximum election: $5,000.00 married or single
- Annual Maximum election: $2,500.00 if married filing a separate return
- The minimum dollar amount of a check issued: $50.00 (This amount is
waived at the end of the plan year so checks may be issued to clear
out balances less than $50.00).
Premium Only Plan
There is no set maximum.
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