On May 6, the University sent an email to all employees regarding changes the Office of Group Benefits was making to its benefit offerings, plans, and procedures. Since then, the Internal Revenue Service has released two notices that allow temporary flexibility to how the OGB's Flexible Spending Arrangements and Dependent Care Flexible Spending Arrangements are administered.
Mid-Year Election Changes
- Through Aug. 31, 2020, employees may newly elect, change or revoke an election for a Medical Flexible Spending Account (General-Purpose FSA and Limited-Purpose FSA) or Dependent Care Flexible Spending Account in the middle of the plan year without having experienced an IRS-approved qualifying event.
- Employees can increase OR decrease contributions through Aug. 31, 2020. Decreases cannot exceed the amount of YTD contributions nor exceed expenses incurred for the FSA.
- Revocations can be made through Aug. 31, 2020, provided the FSA expenditures do not exceed the amount of the YTD contributions. Likewise, Dependent Care FSA decreases are limited to the amount of the YTD contributions.
- Members wishing to enroll or make changes must do so via the 2020 GB-02 Flexible Spending Arrangement Enrollment/Stop form locate on the OGB Website.
Grace/Claims Period Extension
- For Plan Year 2019, the grace period for Medical FSA will be extended to Dec. 31, 2020.
- This means employees will be allowed to apply 2020 FSA expenses against their 2019 FSA account (through Dec. 31, 2020).
If you have any questions, contact Malika Oubre at email@example.com.