Effective June 28,1996, the State of New Jersey provided employees participating in the State Health Benefits Program a benefit plan under the provisions of Section 125 of the Internal Revenue Code. Section 125 includes the option of participating in any or all of the following plans:
1. Premium Conversion: The Premium Conversion Plan allows employees to pay any State Health Benefits Program medical and/or dental premiums they have with before-tax dollars.
2. Unreimbursed Medical Spending Account: The Unreimbursed Medical Spending Account allows employees to set aside before-tax dollars to pay for medical and dental expenses not paid by insurance.
3. Dependent Care Spending Account: The Dependent Care Spending Account allows employees to set aside before-tax dollars to pay for eligible dependent care expenses.