Flexible Spending Accounts (FSAs)
The College provides a program whereby employees have a flexible and convenient method to use tax-sheltered dollars to pay for their personal share of healthcare costs and/or child and dependent care expenses. These two benefit options are called Flexible Spending Accounts (FSAs). They are designed to increase your disposable income by reducing the amount of taxes you pay.
The “FLEX” Plan year is July 1 to June 30. When you enroll in one of the FLEX plans, you choose to have a specific amount of your annual salary withheld from each of your paychecks and deposited into a FSA. These withholdings are on a pre-tax basis (before federal and state income taxes are levied on your wages).
Newly hired employees may enroll immediately. Current employees are eligible to enroll during the annual open enrollment period or with evidence of a qualifying event.