two Flexible Spending Accounts offered to State employees eligible
for Tax$ave: Unreimbursed Medical Spending
Accounts (UMSA) and Dependent Care Spending
for both these accounts is permitted during the State Open Enrollment
period in October of each year. All enrollments take effect
for the following calendar plan year.
FSAs allow employees to reduce their federal tax liability each
year by having before-tax money deducted from each paycheck,
which becomes available for reimbursement for certain eligible
expenses. The before-tax status of money deducted for
a FSA is maintained even after the member is reimbursed.
accounts are administered for the State of New Jersey by Fringe Benefits Management Company (FBMC).
information: FBMC's is available through
a link from the Pensions and Benefits' Web site at http://www.state.nj.us/treasury/pensions or directly at: https://www.myFBMC.com
Sheet #44, Tax$ave, and the annual Tax$ave
Open Enrollment newsletter, provide additional information
about the UMSA and the DCSA.
to Premium Option Plan (POP)
to Tax$ave Page