Flexible Spending Accounts
Flexible Spending Accounts Overview
The Accounts can help you pay for expenses that are predictable. They may offer savings, but you should plan carefully. Amounts left in either account at the end of the plan year (July 1 - June 30) are forfeited due to IRS Regulations. We have signed a 2.5 month amendment which allows you to utilize funds set aside for the July 1 - June 30 plan year from July 1 of the following fiscal year to September 15 of that new year. For example, if you set aside $2,000 for plan year 7/1/12 - 6/30/13 and have $200 leftover, you may incur $200 from 7/1/13 - 9/15/13 and submit those claims to use up your $200 balance. You have until November 30, 2013 to file those claims.
Here’s how they work:
Although the two accounts are similar, they are different. Careful planning of the dollar amounts deposited into your accounts is encouraged, because any remaining balance at the end of the plan year cannot be refunded, transferred or carried forward.
This guide represents a summary of benefits provided by the City of Scottsdale to benefited employees. Every effort has been made to report information accurately. All information, including the amount of any benefit and employee eligibility of benefits, is subject to and governed by the terms and conditions of the applicable policy or plan documents. In all cases where any of the information provided in this guide differs from the amount of benefit actually provided by the policy or plan, the terms of the legal documents will control.