UPbeat

News for and about University of Portland faculty and staff.

FSA

Improvements to Flex-Plan FSA Medical Plan

sherwoodWith 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.

Flexible Spending Account Program Announcement

please_note-feb-24 2As 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.

If you have any questions, contact Andy Sherwood, human resources, at 8981 or sherwood@up.edu.