Important updates to Flexible Spending Accounts and IRS contribution limits

‘Grace period’ added to FSA benefit and IRS increases employee contribution limits

By Trudy Fernandez

Evelyn Rodriguez, director of Benefits Administration, joined FIU in November 2007. She brings more than 20 years of HR experience in benefits administration to her position and is excited to be part of the FIU family.

“My goal is for the benefits team to provide FIU employees with excellent customer service and an overall understanding of the benefits options available. We intend to do this by providing various workshops at several campuses and outreach centers,” said Rodriguez.

She is joined by Janik Collin, assistant director of Benefits, who brings more than 10 years of experience to her new role and is eager to work with her new team.

News of note

Important Benefits Open Enrollment Change for 2008 Flexible Spending Accounts: A new “grace period” was added in 2008 to the Flexible Spending Account (FSA) benefit. This means that employees who were enrolled in 2008 for FSA can continue incurring eligible medical and dependent care FSA expenses during the period from Jan. 1, 2008, until March 15, 2009. The “use it-or-lose-it” rule will apply to amounts in your account for which expenses have not been incurred as of March 15, 2009. As with other FSA expenses, all claims must be submitted prior to April 15, 2009.

For more information, please contact People First at 1-866-ONE HRFL (1-866-663-4735). To access the claim form with detailed reimbursement instructions, please copy and paste the URL – http://www.fiu.edu/hr/formslibrary/benefits/fsa_claim_form.pdf

New IRS Contribution Limits: FIU currently has available several companies that offer annuity contracts, 403(b) and 403(b)(7) custodial accounts, as well as deferred compensation plan or 457 accounts. These plans are subject to restrictions. For 2009, the Internal Revenue Code has increased employee contribution limits as follows:    

Contact and helpful information about 403(b), 403(b)(7) and 457:

Internal Revenue Service:

Web site link – http://www.irs.gov/newsroom/article/0,,id=187833,00.html

Deferred Compensation Plan:

Web site link – http://www.MyFloridadeferredcomp.com

1-(877) 299-8002 toll free or SUNCOM 292-3162

FIU Benefits:

Web site link – http://www.fiu.edu/hr/Benefits/bretire.htm

Benefits Department – (305) 348-2182

We look forward to better serving you. Please contact Benefits Administration with your benefits questions at (305) 348-2182.