Employee Benefits Fair
This is a reminder that the plan year ended on December 31, 2016 for the Medical and Dependent Care Flexible Spending Plans. However, if you did have a balance as of December 31st, you do have the 2 ½ month grace period until March 15, 2017 for reimbursement. Remember that any balance remaining after March 15, 2017 cannot be brought forward into the next plan year and cannot be released to you. This USE-IT-OR-LOSE-IT rule means that your expenses must equal or exceed the amount you contributed to your spending account during the plan year. Any unused balance in your account(s) must be forfeited and cannot:
A) BE PAID TO YOU IN CASH;
B) BE MADE AVAILABLE TO YOU IN ANY OTHER WAY; OR
C) BE CARRIED OVER TO THE NEXT PLAN YEAR.
This is an IRS regulation that must be adhered to in order to participate in these plans.
Eligible claims incurred on or before March 15, 2017 will be accepted and processed until March 31, 2017.
If you have any questions, please call Malika Oubre in the Human Resources Office at 482-1014.