Flexible Spending Accounts (FSA)
Flexible Spending Accounts (FSA) are independent savings plans that allow you to take advantage of a before tax deductions for eligible out of pocket expenses. FSA accounts are optional and can be selected during an eligible open enrollment period.
Please note that once FSA accounts are selected, they are active through the remainder of that calendar year and they must be re-enrolled each year. Eligible expenses must be purchased by December 31 of each calendar year and any reimbursement claims must be submitted to the vendor by March 1 of the following year. No remaining funds will be rolled over year to year.
Flexible Spending – Health
This account will allow you to deposit up to $2,500.00 of your annual pre-tax income for eligible medical, dental and optical cost. Once enrolled, these allotted funds are provided up front on a provided FSA debit card. Employees may contact the vendor to request a pin for debit transaction once the debit card has been provided. The Health FSA plan is managed by Health Hub, and additional information can be found via the link below.
Flexible Spending- Dependent
This account will allow you to deposit to $5,000.00 of your annual pre-tax income for eligible expenses related to young children or disabled adult children. Once enrolled, these allotted funds are provided up front on a provided FSA debit card. Employees may contact the vendor to request a pin for debit transaction once the debit card has been provided. The Dependent Care FSA plan is managed by Health Hub, and additional information can be found via the link below.
Employees may enroll in both Health and Dependent FSA plans each year.
For additional information regarding Health and Dependent FSA, please visit healthub.com
Flexible Spending – Transit & Parking
This account will allow you to deposit up to $130.00 per month of your monthly pre-tax income for eligible transit and parking expenses. Unlike the Health and Dependent plans, this account does not provide funds upfront. Funds are accrued each month based on the chosen monthly amount. Once enrolled, employees will register with the vendor via flexdirect.adp.com to designate usage of the funds. The designated monthly amount can also be adjusted during the year by contacting the DCPS Benefits Unit at firstname.lastname@example.org.
New Transit Commuter Limit for 2014
On October 31, 2013 the Internal Revenue Service (IRS) announced new limits for pre-tax contributions and reimbursements on Commuter Benefits Accounts. These limits reflect the maximum allowed pre-tax contribution and reimbursement amounts per calendar month for 2014. These new limits will take effect January 1, 2014.
Transit Account: Decreased from $245 to $130 per month
Parking Account: Increased from $245 to $250 per month
If your Plan allows the current maximum or, for Transit, any amount that exceeds the new $130 limit, ADP will automatically update your Commuter Benefits account to the new 2014 limits.
For additional information regarding Transit and Parking, please visit flexdirect.adp.com