125 Cafeteria Plan
With a Section 125 Cafeteria Plan, employees agree to reduce their earnings by the amount of their employee benefit contributions and direct their employer to pay these costs on their behalf. This reduces the employee's taxable wages, thereby reducing social security, state and federal withholding taxes. The employer benefits from this program by saving the matching social security tax.
A 125 Cafeteria Plan is one of the few benefits your bank can offer that, in most cases, will not affect the bottom line of your bank.
Paragon Benefits, Inc. is the administrator for GBA's 125 Cafeteria Plan.
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