Flexible Benefits Program
All full-time faculty and staff are eligible to participate in the program. The Flexible Benefits Program is an Internal Revenue Code Section 125 sanctioned plan, whereby the IRS allows certain benefits to be purchased through the Plan on a tax-free basis. Thus, participating in the flexible benefits program allows you to pay your medical and dental benefit premiums, and your Flexible Spending Accounts (FSA) (Health Care FSA and Child/Dependent Care FSA) through payroll deduction before taxes have been withheld.
Participants must enroll during annual enrollment or submit an enrollment form to elect a tax payment option (i.e., pre-tax or after-tax). FSA participants are required to sign an enrollment form if they elect to participate in the health care or child/dependent care FSA. Participants are then committed to these agreements for the designated plan year (July 1 - June 30). Thus, it cannot be amended during the plan year except as provided by IRS Code Section 125.