With changes in federal regulations, all savings under the Flexible Spending Account (FSA) medical plan must be used by December 31, 2014, with the exception of a $500 carryover to be used in the new calendar year. This replaces the prior practice of a 2.5 month grace period and allows for more flexibility in how […]
Flex-Plan
Flex Plan Participants Take Note
As a reminder to all Flex Plan participants, the U.S. Treasury Department has modified the Flexible Spending Arrangement (FSA) “use-it-or-lose-it” provision to allow carryover of Health Care FSA funds. Beginning with the 2014 plan year, all savings under the plan must be used by December 31, 2014, with the exception of up to $500, which […]
Flex-Plan Participants Take Note
As a reminder to all Flex-Plan participants, beginning with the 2014 plan year, all savings under the plan must be used by December 31, 2014, with the exception of up to $500, which can be rolled into the 2015 plan year and used throughout 2015. There will no longer be a 2.5 month grace period. […]
New Flex Plan Carryover Policy
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 […]
Open Enrollment Update
Employees who are benefit eligible will receive an Open Enrollment e-mail at the beginning of November which will give them the opportunity to either confirm that they would like to continue with their current coverage or elect to change their current coverage. The e-mail will include renewal rates for 2013, a link to the online […]
Flex-Plan Grace Period
Employees who participated in Flex-Plan for the 2012 calendar year have a grace period of January 1, 2013 to March 15, 2013 that will allow employees to maximize their 2012 benefit. Employees have until March 31, 2013 to submit claims for expenses incurred on March 15, 2013 or before. Claims can be submitted online at […]