Flexible Benefits Plan Deadline Approaching
The Flexible Benefits Reimbursement Plan provides faculty and staff an opportunity to save on both Federal Income and Social Security taxes. By enrolling in one or both of the reimbursement accounts, employees designate a fixed dollar amount to be set aside annually for dependent care and/or medical expenses.
This amount is not subject to taxation. As allowed expenses are incurred and reimbursement requests are submitted to the payroll office, the university reimburses employees through payroll checks.
The deadline for enrollment in the program ends on Wednesday, Dec. 31, 2008. This has been extended due to changes in the pharmacy copayments announced last week. These copayment amounts will be increasing effective Jan. 1, 2009, and are detailed at http://payroll.tennessee.edu. Even if you are enrolled in the plan for 2008, you must re-enroll for 2009.
Please examine your expenses carefully when estimating your enrollment amount. The university can only reimburse for those expenses allowed by the IRS as detailed in the Flexible Benefits Enrollment package and on the web at http://payroll.tennessee.edu/flexben.htm.