Flexible Spending Accounts
All full-time College employees are eligible to establish a Flexible Spending Account (FSA) which is a tax savings benefit to employees. FSA forms will be distributed to Departments by College mail today. The 2006 FSA enrollment forms must be received by the HR Department by November 23, 2005. We will be unable to accept FSA forms after that date.
Tax Deferred Annuities
Tax Deferred Annuity Salary Reduction Agreements for the 2006 year are also being distributed to Departments by College mail today. Unless a new form is filed, your 2005 tax deferred goal amount, up to the General limit, will continue in 2006. Should you elect to make a change to your goal amount or elect to contribute more than the General Limit, you will need to complete a new form. Forms received by November 23, 2005 will be processed for the first pay check of 2006. After November 23, 2005 forms will be processed for the appropriate pay check in 2006.
If you did not receive the forms, they are available on the HR Home page under Benefits by employee group or under the Employee section of the MCC Home page. In addition, you may contact the HR Department to request them. Brochures and health insurance comparisons are also available in the HR Department.