Flexible Spending Account
Summary
The Flexible Spending Account provides a mechanism to specific out-of-pocket costs with tax-free dollars (deducted from the employee’s paycheck before taxes). This benefit includes a health care account and a dependent care account. Additional Information is available on the Human Resources Benefits Inside Delta.
Procedures
General information
Employees who are eligible for health insurance benefits from the College are also eligible to elect participation in the health care and/or the dependent care accounts. However, you cannot participate in a health care account if you have a Health Savings Account (HSA). Participation must be pre-elected for each plan year during open enrollment of the preceding year. New employees have 30 calendar days from the date of hire to enroll into the Plan. Once an annual election is made, it cannot be stopped or altered unless a qualifying event occurs. The annual amount is deducted on a pre-tax basis from each payroll that occurs during the plan year. The amounts deducted are set aside in separate accounts for each participating employee.
Timelines
Calendar year
Participation
All regular full-time employees
Revision/review dates
01/11, 12/18, 3/20, 9/21, 8/24