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Once your Section 125 Cafeteria Plan is implemented, there will be an enrollment period each year prior to the Plan Anniversary Date. During this time, eligible employees will complete an election form, indicating the amount of pre-tax contributions they wish to have set aside for the Dependent Care FSA each payperiod. Employees should be conservative with their estimates. Once the plan is in force, elections may only be changed for certain qualifying events as defined by the IRS. Any monies not claimed by employees within ninety days after the end of the plan year will be forfeited. Employees will be required to sign and return a Salary Reduction Agreement authorizing the pre-tax deduction. The contributions are put into their Flexible Spending Account each payperiod during the Plan year. When employees incur eligible expenses, they will submit a claim form to Benefit Consulting, Inc. requesting reimbursement. The claim form must be accompanied by the appropriate documentation (ex. a bill or receipt of payment, etc.) that identifies the name of the Provider, the Date(s) of service and the amount of the claim. Claims may be submitted at any time during the plan year but no later than ninety days following the end of the plan year and they must have been incurred during the active plan year. Upon receipt of the claim, Benefit Consulting, Inc. will review and process the claim and produce a check for each employee for the amount of their claim*. * limited to the employee's account balance |
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Send mail to info@benefitconsultinginc.com with
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