| Flexible Spending Accounts Overview
You can choose to participate in one or both of the following Flexible Spending Accounts:
Medical Care Flexible Spending Account
Dependent Care Flexible Spending Account Flexible Spending Accounts (FSA) allow you to use pre-tax dollars to pay for eligible medical expenses and dependent care expenses. This means that any money deposited into an FSA will not be subject to federal and state income taxes. |
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| The Board of Trustees wants to emphasize that any money you put into a Flexible Savings Account (FSA) must be used or you will lose it. This is typically called the "use it or lose it" rule. Thus, it is important that you decide how much to place in the account carefully and conservatively. |
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For the Medical Care FSA, any money you put into this account must be used during the Plan Year or during the "Grace Period" - the period immediately following the end of the Plan Year (September 1 through October 31). If it is not, you will lose it. Thus, it is important that you decide how much to place in the account carefully and conservatively.
Please refer to the Summary Plan Description for specific details concerning the Grace Period. |
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For the 2010-11 Plan Year the Board will not be making a contribution to a participant's FSA account. |
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Medical Care FSA
A Medical Care FSA enables you to pay for:
medical
prescription
dental
vision
out-of-pocket expenses, such as deductibles, co-payments and expenses not covered by your medical care coverage
Effective September 1, 2010, a physician's prescription must accompany any over-the-counter medications to qualify as eligible expenses. |
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Dependent Care FSA
A Dependent Care FSA enables you to pay for out-of-pocket with pre-tax dollars, work-related dependent day care cost for children under 13 such as:
pre-school
day camp
before and after-school care
You may also be eligible to use the Dependent Care FSA for adult day care expenses for a qualified family member. |
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How FSAs Work
Decide how much you want to contribute.
Complete an enrollment and salary reduction agreement. form.
The amount you elect will be deducted from your paychecks in equal installments. The deduction will be taken before taxes.
Submit your out-of-pocket expenses incurred during the Plan Year on a claim form.
Receive your reimbursement check in the mail. |
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| Summary Plan Description All of the Plan benefits are described in more detail in the Summary Plan Description. Download the Summary Plan Description by clicking on Documents on the left side of our webpage. |
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| Enrollment in Flexible Spending Accounts Download the enrollment and salary reduction agreement document by clicking on the Documents link at the left side of our webpage. |
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Get in-depth information here.
Summary Plan Description