Approximately 5 percent of eligible WSU employees elected to sign up for the 2004 flexible spending accounts during the November open enrollment period. Dollars withheld by these employees total $11,606.78, which saves them taxes every pay period.
Those 286 participants now can stretch their earning power by claiming unreimbursed health-related expenses as they occur. These expenses might include 2004 deductibles for medical and dental insurance, co-payments, prescription and over-the-counter medication charges and many other costs.
New employees have 30 days from their date of hire to enroll in the Flexible Spending Account plan; otherwise, all WSU employees may enroll each year in November to start up their FSA effective the following January.
“I was very pleased to see the announcement in WSU Today offering flexible spending accounts for employees in 2004,” said Wayne Sparks, director of Student Financial Aid. “I’m sure the Payroll & Benefits staff were challenged by implementation of this plan; but I really appreciate their efforts on behalf of WSU employees who can benefit from these accounts.”
Under the plan, out-of-pocket health costs are reimbursed with pre-tax dollars. Participants mail in claims forms and receipts to the Fringe Benefits Management Company administering the account at P.O. Box 1878, Tallahassee, FL 32302-1878. The toll-free customer service number is 800-342-8017, or e-mail from the website at http://www.fbmc-benefits.com.
For more information, see the brochure on the WSU Benefits Services website by going to http://www.wsu.edu/benefits and looking under Hot Topics.
Find tax deferrals link in Feb. 25 pay stub
The Feb. 10 WSU Earnings Statement did not include the link to information on 2004 tax deferral amounts. The link will appear on the Feb. 25 statement, or you can go to the WSU Benefit Services website at WSU BENEFIT SERVICES.