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The College provides a program whereby employees have a flexible and convenient method to use tax-sheltered dollars to pay for their personal share of healthcare costs and/or child and dependent care expenses. These two benefit options are called Flexible Spending Accounts (FSAs). They are designed to increase your disposable income by reducing the amount of taxes syou pay.
The “FLEX” Plan has a Plan Year of March 1st to the following February 28th. When you enroll in one of the FLEX plans, you choose to have a specific amount of your annual salary withheld from each of your paychecks and deposited into an FSA. These withholdings are on a pre-tax basis (before federal and state income taxes are levied on your wages).
Newly hired College staff may enroll immediately; current employees are eligible to enroll during the annual Open Enrollment period, or following a “qualifying event” such as birth or adoption of a child, marriage, divorce, etc. Questions about this tax-saving benefit may be directed to the Benefits Office at x3051.
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