TITLE: Flexible Spending Accounts
All employees, either full or part-time, who regularly work at least 1,040 hours annually, are eligible to utilize Flexible Spending Accounts (FSA).
Contributions made to Flexible Spending Accounts are made before taxes are withheld from your paycheck. This reduces the salary amount on which you are required to pay taxes. This allows payment of both health and/or dependent care on a pre-tax basis.
- Open enrollment occurs annually during the month of November. Each new plan runs from January 1 through December 31. Both active and non-active participants must enroll each November.
- Changes in elected coverage are allowed during the “plan year” only if there is a change in family or employment status.
- Once processed, the Accounting Technician will begin deductions with the first pay period in January. Deductions occur twenty-four (24) times annually.
- Any funds left unused at the end of the “plan year” will be forfeited to the State of Iowa.
- Administration of this account is provided by Applications Software, Inc. (ASI) and all claims are remitted to them.
- Additional information and applications are available in the Personnel Technician’s office.