FSA Open Enrollment for Bi-weekly Part-Time Faculty
It is open enrollment time for the flexible spending account program for the plan year (calendar year 2013). Flexible spending accounts (FSA’s) are a great way to save money. An FSA allows you to set aside tax free dollars from your paycheck each month to pay for certain out-of-pocket expenses for dependent care, which may include child care for children up to the age of 13, children with disabilities, and elder care for a parent living in your home. By lowering your taxable income, on average, you get at least $1.25 in buying power for every dollar you set aside in the FSA. Please visit the Flexible Spending Account web page for additional important information.
To enroll in this program, you will need to submit the FSA open enrollment form to Human Resources by 5pm on Friday, November 2, 2012. This is the only time of the year you can enroll in the flexible spending account program unless you are a new employee or have a qualifying event which allows you to enroll outside of open enrollment.
Once enrolled, you may begin incurring eligible expenses on January 2013. The first payroll deduction for the new FSA plan year will occur on your January 2013 paycheck. After looking at your first paycheck in January, please contact the Benefits office immediately if you have a question about your initial deduction.