In accordance with federal regulations, employees may elect to contribute a portion of their salary to a flexible spending account. Compensation contributed to this account is not subject to Federal income tax, Social Security taxes and, in most cases, state or local taxes. This plan allows employees to pay for certain unreimbursed expenses on a before-tax basis:
- Unreimbursed Medical Account:You may set aside up to $2,650 per calendar year to pay for medical expenses not covered by your health insurance.
- Dependent Care Account: You may set aside up to $5,000 per calendar year for eligible dependent care (childcare or eldercare).
Complete details about the Flexible Spending Plans may be obtained in the Human Resources Office. Enrollment will take place prior to January 1 of each calendar year and may not be changed except under very limited circumstances.