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What is a Cafeteria Plan?
Similar to picking the food items you want to eat when you go to a cafeteria, Reliant’s Cafeteria Plan allows employees to choose three optional benefits. When you submit your annual Cafeteria Enrollment Form, you authorize Reliant to make the deduction(s) from your monthly paycheck for that year. These benefits must be renewed each year during Open Enrollment. Failure to re-enroll during Open Enrollment means you will lose the opportunity to utilize the benefit for the following year.
Reliant offers a Cafeteria Plan primarily for the tax free benefits it affords our employees.
The payment for any benefit chosen in the Cafeteria Plan will be deducted each month from your paycheck.
You will see these payments are in the “pre-tax” category on your monthly pay stub.
Neither Federal Income Tax nor FICA Tax are deducted on your Cafeteria Plan benefit that you choose.
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No employer FICA matching portion comes out of the MTD account you’re responsible for for the value of your Cafeteria Plan Elections.
What is available on the Cafeteria Plan?
- Health Savings Account (HSA) - Employee Contribution
- See HSA - Health Savings Account for more information. Employees can make changes to employee contribution through the cafeteria form.
- Vision Plan Benefit
- Vision premiums are paid for by you, the employee, out of your monthly paycheck. See also Vision Insurance.
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- Employees can only elect to participate in the Vision benefit during Open Enrollment or when they are hired,
- Child-Care Benefit
- With the Child-Care Benefit, employees submit child-care expenses for reimbursement from the tax-free employee contributions set aside from their monthly paychecks. This enables you to pay for your child-care expenses tax-free! For a full description of the Child-Care Benefit, see Child-Care Benefit. If you desire to elect the Child-Care Benefit, you will need to also enroll in the cafeteria plan to sign up for your Child-Care Benefit Employee Contribution. Employees can only elect to participate in the child-care benefit during Open Enrollment or when they are hired or become benefits eligible.
Governed by the IRS
A "Cafeteria Plan" is a concept that is made possible by IRS regulations. They allow certain deductions to be made in pre-tax manner. Please be aware that the IRS also sets maximums for the allowed benefits. Also, these benefits may need to be documented or reported with your annual tax return.
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