IRS Section 125 Cafeteria Plan
Federal Tax, WV State Tax, and Social Security Tax are not withheld on premiums for PEIA Basic Health, PEIA Optional Life Insurance up to $50,000, and Mountaineer Flexible Benefit Plans (except the Legal Plan). Changes to pre-tax plans are permitted during Open Enrollment (April 1-30) with an effective date of July 1, or with an IRS approved qualifying event.
Qualifying Life Event restrictions:
- PEIA health plan changes are allowed during the month of the family status change event or the following (2) calendar months.
- Mountaineer Flexible Benefit plan changes (dental, vision, hearing, spending accounts) are allowed within 60 days of the qualifying family change event.
Qualifying Life Events:
- Marriage or divorce of the employee
- Birth or adoption of the employee's child
- Death of the employee's spouse or dependent
- End of spouse or dependent's employment
- Unpaid leave of absence taken by the employee or spouse
- Open enrollment by spouse's employer benefits plan
- Significant change in the health coverage attributable to spouse's employment
- Ineligibility of dependent child due to age or due to availability of their own employer-sponsored coverage as a policyholder
Employment change due to strike or lock-out