 | MATRIX offers you the opportunity to choose from a variety of insurance benefits made available through a Cafeteria Plan. Under the Plan, insurance premiums are paid through salary reduction on a before or pre-tax basis, reducing your taxes and increasing your net income. The insurance benefits that are available to you as pre-tax benefits under the Plan are as follows:
- Medical
- Dental
- Vision
- Employee and Dependent Life
- Dependent Care Spending Account
Optional Life, Short- and Long-term Disability, and Long-Term Care insurance premiums are deducted after-tax and are therefore not included in the Cafeteria Plan.
Eligibility to participate in the Plan coincides with your eligibility for insurance benefits -- the first day of the month following your hire date (assuming continuous, active employment.)
After your initial eligibility, there are only two occasions when you can make new benefit elections or change your existing benefit elections:
1. Annual Enrollment (in May each year)
2. “Change in status”
Some examples of a “change in status” are marriage or divorce, birth or adoption of a child, death of spouse or dependent, you or your spouse’s employment status changes from full-time to part-time or vice versa, or spouse starts or terminates employment.
The election change must be consistent with the qualifying event that triggers the change. Election changes must be elected within 31 days of the date the change event occurs. The effective date of the change in benefits is the date of the qualifying event.
| | |