On October 31, 2013, the IRS released Notice 2013-17, which allows employers to amend their plans to permit a $500 carryover of unused amounts remaining at the end of the claim run-out period for health care flexible spending accounts In electing to adopt the new $500 carryover provision, the University will end the 2 ½ month grace period that allowed funds from the previous year to be used until March 15 of the following year. Please take the potential impact of this change into consideration when making your health care FSA elections for 2014. Please note that this change will not have an effect on Child Care FSAs.
If you are electing a flexible spending account for 2014 this will be accomplished through the Flex Plan Service’s website (use UOP as the employer code). Continuation of the plan requires re-enrollment every year. All FSA elections must be submitted to Flex Plan Services by the end of the Open Enrollment period (December 3, 2013, at 3 p.m.). If you have already entered your FSA elections you will be able to change your current 2014 elections up until December 3 by logging into Flex Plan.
For more information contact Andy Sherwood, human resources, at 8981 or firstname.lastname@example.org.