Flex-Plan

Improvements to Flex-Plan FSA Medical Plan

December 22, 2014

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 employees redeem pre-tax income they have set aside. More information about the carry-over provision can be found here.

Employees do not have to reenroll in the new plan year to have unused Health Care FSA funds carry over to the new plan year.

For more information contact Andy Sherwood, human resources, at 8981 or sherwood@up.edu.

Flex Plan Participants Take Note

November 24, 2014

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 can be rolled into the 2015 plan year and used throughout 2015. There will no longer be a 2.5 month grace period as in years past.

For more information contact HR at hr@up.edu.

Flex-Plan Participants Take Note

September 29, 2014

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. For more information contact Andy Sherwood, human resources, at 8981 or sherwood@up.edu.

New Flex Plan Carryover Policy

November 27, 2013

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 sherwood@up.edu.

Open Enrollment Update

October 18, 2013

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 enrollment/confirmation sites, and information on all of our coverage options. This year all enrollment for Flexible Spending accounts will be processed directly through our Flexible Spending vendor at www.Flex-Plan.com. Human resources will not be sending out paper forms this year.

For more information, contact Andy Sherwood, human resources, at 8981 or sherwood@up.edu.

Flex-Plan Grace Period

February 18, 2013

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 www.flex-plan.com or through a paper form available at up.edu/hr, Employee Benefits, Flexible Spending Account Information (http://tinyurl.com/b7xha33). Contact hr@up.edu with questions.