Fixed-term faculty with a Spring semester appointment (1/2 time or greater) must make their Flexible Spending Account elections during the annual Open Enrollment period in order to be eligible for an FSA for the new Plan Year. In order to retain the FSA election, Fixed-term faculty must have an assignment (1/2 time or greater) received by the Faculty Personnel Services Office by July 31st. If no assignment (1/2 time or greater) is on file with FPS by the end of July, the FSA election for the new plan year will be cancelled. This policy has been implemented in order to comply with IRS regulations.
The following chart outlines FSA Annual Elections and Reimbursements for assignments entered in SAP by the end of July for the new plan year:
|Benefit eligible Fall only assignment entered in SAP by July 31st deadline.
||Entire FSA Annual Election will be taken in equal amounts over Fall semester pay periods only.
||Qualified expenses must be incurred between July 1st and December 31st in order to be reimbursed from the FSA account(s).|
|Benefit eligible Spring only assignment entered in SAP by July 31st deadline.
||Entire FSA Annual Election will be taken in equal amounts over Spring semester pay periods only.
||Qualified expenses must be incurred between January 1st and June 30th in order to be reimbursed from the FSA account(s).|
|Both Fall and Spring benefit eligible assignments have been entered in SAP by July 31st deadline.
||Entire FSA Annual Election will be taken in equal amounts over all pay periods for academic year.
||Qualified expenses incurred for the entire plan year (July 1st through June 30th) will be eligible for reimbursement.|
Other Important Considerations:
- Fixed-Term faculty who receive an additional benefit eligible assignment for spring semester after the annual enrollment process will be able to continue to incur expenses and submit receipts anytime during the plan year. Their annual FSA contribution will be fully deferred during the fall semester assignment.
- If employment from CMU terminates or an additional semester assignment is granted that is not benefit eligible, Fixed-Term Faculty may continue only the Health FSA through COBRA. Qualifying expenses incurred after termination from a benefit eligible assignment will not be eligible for reimbursement from a Dependent Day Care FSA or from a Health FSA that is not picked up through COBRA.
- First-time, newly hired Fixed-Term faculty members may elect an FSA during the new hire enrollment process.
- Certain qualifying status change events may allow for mid-year benefit changes to FSA elections. Visit our Benefits Status Change webpage. *Important* Should you experience a change in employment status (e.g.full to part-time or part to full-time), it does not create a status change event in which you can change your health care FSA election. IRS regulations permit health care FSA changes only in cases where there has been a change in eligibility or the number of dependents qualifying for the plan. Therefore, it is very important that you carefully consider your health care FSA needs when making your elections.
Please contact Benefits and Wellness at 989-774-3661 or firstname.lastname@example.org with further questions.