Flexible Benefits Program
All full-time faculty and staff categories A and B 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 Personal Spending Accounts (PSA) (Health Care PSA and Child/Dependent Care PSA) 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). PSA participants are required to sign an enrollment form if they elect to participate in the health care or child/dependent care PSA. 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.
Revised February 13, 2007.
Revised July 30, 2003.
Vice President for Finance and Business Affairs.