Qualified Life Events
Effects of Section 125 Regulations on your Cafeteria Plan
Lake County School District has chosen to administer this Plan in accordance with Section 125 Regulations of the Internal Revenue Code. Per this regulation, you agree to a pre-tax salary reduction put toward the cost of your benefits. Coverage Elections Per Section 125 Regulations, you are generally allowed to enroll for or change coverage only before each annual benefit period, which is normally during “OPEN ENROLLMENT”.
However, exceptions are allowed if you enroll for or change coverage within (30) days of the following Qualifying Event / Change in Status / Life Changing Events as long as you have met the New Hire waiting period for each insurance product (30 day waiting period for voluntary products; 60 day waiting period for health insurance, 1st of the month effective after each waiting period). This waiting period is only applicable if a request is made during the new hire waiting period, otherwise insurance becomes effective the day after the loss of other coverage.
Click the box below to see what qualifies as a life qualified life event.
Contact your Benefits Specialist at
352-253-6660 or benefits@lake.k12.fl.us
if you believe you have a Qualified Life Event.