The vendor is required to provide from qualified vendors to participate in the established section 125 plan and provide services related to those plans.
- IRS section 125 permits employers to structure a benefits program allowing employees to have the option of designating pre-tax dollars to pay for certain qualified benefits.
- District is also requesting proposals for parallel products that would have a post-tax designation.
- The services would follow all section 125 plan requirements as well as state statute and school committee policy
- Open enrollment will have to be performed only after formal award made by the district
- Open enrollment will occur at a predetermined time and is currently mid-September through October
- The plans will be offered to all eligible district regional school district employees on a voluntary basis.
- The consider section 125 plan offerings in the following areas:
• Long term disability
• Short term disability
• Cancer insurance
• Accident insurance
• Critical illness insurance
• Whole life insurance
• Universal life insurance
• Term life insurance.
- Contract Period/Term: 12 Months