Flexible Spending Accounts
Available to full-time permanent employees, including temporary faculty employed for a one-academic year contract, and permanent part-time employees, including temporary faculty employed for a one-academic year contract, who work 50% time. Flexible spending accounts (FSAs) governed by the IRS Code, allow employees to have income withheld from their paychecks before taxes for eventual reimbursement of certain medical and dependent care expenses. - Medical Reimbursement Account – Employees enrolled in the medical reimbursement account estimate the amount of out-of-pocket medical expenses they will incur during the calendar year and use that amount to determine bi-weekly payroll deductions from their checks. Effective January 1, 2013, the maximum annual contribution amount is $2,500.
- Dependent Care Reimbursement Account - Employees enrolled in the dependent care reimbursement account estimate the amount of dependent care expenses they will incur during the calendar year and use that amount to determine bi-weekly payroll deductions from their checks. The maximum annual contribution amount that can be made to a dependent care reimbursement account is $5,000.
2013 Plan Year Information
FSA Plan Documentation