bentax

CAFETERIA TAX SAVINGS PLAN

Rollins College established a Cafeteria Tax Savings Plan on January 1, 1991 in which elected premiums for college provided and voluntary benefits programs are sheltered on a before-tax basis (under Section 125 of the IRS Tax Code) for the following programs:

College Provided Insurance Programs

Medical Insurance
Dental Insurance
Flexible Spending Accounts were originally part of the Rollins College Cafeteria Plan; as of April 2004 these programs are provided through the Independent Colleges and Universities Benefits Association (ICUBA)

Voluntary Insurance Programs:

In addition to the insurance benefits provided by Rollins College, various insurance companies make other benefits available to employees of Rollins College. These benefit programs are not sponsored or maintained or endorsed by Rollins College, and participation in these programs is completely voluntary for employees.

Lincoln National LifeVoluntary Life Insurance- employee portion only
American Heritage Life Cancer Insurance
American Heritage Life Heart Care Plus Insurance

20/20 Eye Care Plan Insurance

By sheltering premium contributions to these programs on a before-tax basis, reported taxable income and FICA payments will be reduced, thus resulting in a greater amount of disposable income

Limitations:

New employees have thirty-one (31) days from hire date to elect these pre-tax benefits or must wait until open enrollment if not elected within first 31 days.
Open Enrollment is once a year in February and/or March. Changes can be made to any pre-tax benefits for the new plan year of April-March during the specified open enrollment period. Open enrollment for voluntary insurance programs will occur at the same time as open enrollment for college provided insurance programs for ease of administration and convenience.
Domestic partners and domestic partner's children can only receive pre-tax savings if Section 152 dependent status is claimed. Otherwise, the employee’s portion of premiums for the domestic partner/children must be paid for on an after tax basis. See Domestic Partner Benefits Policy 300.95 for further information.

Coverage changes to these plans throughout the plan year (April-March) are not allowed unless a qualified family status change occurs. Changes to these benefits must be made within thirty days of the family status change. See Changing Coverage During the Year on the benefits webpage for further information. Examples of status changes include but are not limited to:

Birth/Adoption
Marriage or Divorce
Changes in spouse's employment
Employment switching from full-time to part-time or vice-versa

The Rollins College Cafeteria Plan Summary Plan Description provides general information about the tax savings program.