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Finance committee reviews restoring Section 125 cafeteria plan after staff proposal
Summary
County staff presented a plan to formally reinstate or clarify the county's Section 125 cafeteria plan so benefit deductions can be tax-sheltered; staff estimated an annual county cost of about $15,000 to make currently sheltered benefit amounts count as eligible wages for IMRF pension calculations for 24 employees.
LaSalle County finance committee members heard a staff presentation on a Section 125 cafeteria plan that would allow employees to tax-shelter benefit deductions while preserving the inclusion of those benefit amounts in Illinois Municipal Retirement Fund (IMRF) eligible wages.
The county's benefits staff member, Julie, told the committee: "Actually, we do still currently offer the section 1 25 plan to our employees. It allows them to tax shelter their benefit payments that are deducted from their gross wages on that given pay." Julie explained that while tax sheltering reduces employees' taxable wages, IMRF…
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