Attention staff members: The 2009 Flexible Spending Account forms are available. Continue reading for more information.
The Flexible Spending Account allows employees to set aside a portion of income before it is taxed to pay for either unreimbursed health care expenses and/or dependent day-care expenses. In 2008, 258 MPS employees participated in this program. These employees sheltered approximately $543,610.00. For additional information, we encourage you to talk with colleagues who are currently FSA participants.
Flexible spending accounts provide benefits to both employees and employers. The employee benefits by not having to pay Social Security and Medicare tax on FSA deposits, as well as reducing income subject to federal and state taxes. The employer benefits by not having to pay Social Security and Medicare tax on the income that is deposited into an FSA. If you decide to take advantage of one or both accounts, careful planning is necessary. Please take a few minutes to read this information. This could result in significant tax savings. The deadline for the 2009 tax year enrollment is November 7, 2008. Payroll deductions will begin January 2, 2009.
When you enroll, you will receive a confirmation notice from the payroll office. If you do not receive confirmation by December 15, 2008, please contact Jo Majeske in the payroll office.
If you have participated in the past and wish to re-enroll in the FSA program for 2009 you will need to complete the FSA Enrollment Form. You will not be automatically enrolled for 2009.
If you have questions, please call Jo Majeske (923-5067) or Amee Hughes (923-5065) in the MPS payroll office.
