It’s open enrollment time during the month of November 2012 for Flexible Spending and for your Supplemental Retirement Accounts.
FLEXIBLE SPENDING ACCOUNTS:
A Flexible Spending Account allows you to set aside pre-tax dollars for out-of-pocket costs related to health, dental, vision, dependent care, and parking and transit expenses. You must complete a form (attached) to set up a Flexible Spending Account each year. You can also obtain a form through the HR Office and this year they will be sent out individually via email. Please note an important change this year: The allowable limit for Health Care expenses has been reduced to $2500 annually as part of the Patient Protection and Affordable Care Act of 2010. The annual limit for Dependent Care expense remains at $5,000. As was the case last year, Over-the Counter drugs and medicine are no longer covered by Flexible Spending Accounts. There is information attached regarding Over-the-Counter items. To sign up for Flexible Spending for 2013, you must complete a form (attached). You may also obtain a form through the HR Office, and they will be sent out individually via email.
SUPPLEMENTAL RETIREMENT ACCOUNTS:
A Supplemental Retirement Account (SRA) is a pre-tax retirement savings program. This type of account allows you to defer paying federal taxes on the savings you set aside until you withdraw them after retirement. Please read the attached document for further information on 403(b) supplemental retirement accounts. We also offer New York State 457(b) Deferred Compensation Plans. Please contact Karen Rheinheimer in the HR Office for further information about 457(b) plans.
If you have an existing SRA Account (403b), your annual goal amount from 2012 will roll over into 2013, UNLESS your annual goal was over $17,000 in 2012. If your annual goal was over $17,000 in 2012, you must complete a new form for 2013. Please note that the general limit has been raised to $17,500 for 2013.
If you want to make any changes to your annual goal amount, you must complete a new form. This is especially important for those who made adjustments to their goal amounts in the middle of this year or who started a new plan after the beginning of 2012. You will need to adjust your goal amount to reflect a full year of deductions.
Enrollment Forms are now available for Flexible Spending and Supplemental Retirement Accounts through the attached links, on line in HR Forms, and in the Human Resources Office. All forms are due back to Human Resources no later than November 30, 2011. This deadline is especially important this year, as we will be launching a new on-line enrollment system for all SRA’s and Optional Retirement Accounts in December. Once the system goes live, no paper applications or changes can be accepted; it will all be done on line. We will be communicating information about this new system very soon. Due to this change, we will not be able to accept any SRA (403b) forms for 2013 after the deadline date of November 30th, 2012.
Please feel free to call the HR Office at 292-2048 with questions.
The Human Recources Team
Flex - otc changes.pdf
Flex Spending Enrollment Form 2013.pdf
Salary Reduction agreement 2013.pdf