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A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. [1] Its name comes from the earliest versions of such plans, which allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria.
A cafeteria plan - also known as a Section 125 plan, after the portion of the IRS code that regulates the plans - lets employees redirect part of their salaries and wages to pay for certain benefits.
A plan year may allow either a rollover or a grace period for unused amounts for the same plan year but not both. [31] Carryovers only apply for qualifying medical expenses; plans may not allow participants to carry over unused amounts for dependent care or other expenses. [31]
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
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After age 65 you can withdraw the money for non-medical expenses without a 20% penalty and use it for whatever you want — but you will still have to pay taxes on the non-medical withdrawals.
The exception to the general rule includes certain executive benefits (e.g. golden handshake and golden parachute plans) or those that exceed federal or state tax-exemption standards. American corporations may also offer cafeteria plans to their employees. These plans offer a menu and level of benefits for employees to choose from. In most ...
CHART #2: SIDE-BY-SIDE COMPARISON OF DEMOCRATIC CANDIDATESÕ HEALTH PLANS 3 New Federal/Public Plans No information found ! Ensure universal, affordable, quality coverage by creating a Health Care General Fund (HCGF) to serve all Americans24! Individual Americans not covered by employers will be required to purchase insurance from the