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TAX$AVE

Tax$ave News | About Tax$ave | Flexible Spending Accounts


TAX$AVE NEWS

Tax$ave for Plan Year 2014: Open Enrollment ends November 8, 2013.

New enrollments for unreimbused medical or dependent care Flexible Spending Accounts will be effective as of January 1, 2014.


Important Tax$ave Notice for 2013 FSA Participants

We have determined that employees who participate in the Tax$ave program and contribute to their dependent care and/or medical Flexible Spending Accounts (FSA) through Centralized Payroll will have an incorrect payroll deduction on the 10/25/13 paycheck (Pay Period #22). 

All Pay Period #22 deduction amounts were overstated.  To correct this error, a new bi-weekly deduction amount will be computed.  This will result in a refund that will be spread over the remaining 4 Pay Periods in 2013.  The new bi-weekly deduction amount will be the balance of the annual election (i.e. total election less the deductions received through Pay Period #22) divided by 4.  

For example, an employee with a $2,500 annual election and a $96.15 bi-weekly deduction had $115.40 deducted from the 10/25/13 paycheck. Because an extra $19.25 ($115.40-$96.15) was deducted on Pay Period #22, the refund will be spread over the next 4 pay periods. Therefore, the bi-weekly deduction amount for the remaining 4 Pay Periods will be $91.36.

We apologize for any inconvenience this may cause you. For more information, please contact WageWorks at 1-855-428-0446 or visit their Web site at: www.wageworks.com


ABOUT TAX$AVE

The State Employees Tax Savings Program — Tax$ave, is a benefit program available under Section 125 of the Federal Internal Revenue Code that allows eligible employees to set aside before-tax dollars to pay for certain medical, dental, and dependent care expenses, thereby avoiding federal taxes and saving money.

Tax$ave is only available to eligible State Employees. An eligible employee is any full-time employee of the State or a State college or university who is eligible to participate in the State Health Benefits Program.

Tax$ave consists of three separate component plans. An eligible employee may elect to participate in any combination, all, or none of the plans. The three components of Tax$ave are:

  • The Premium Option Plan (POP) allows employees to pay any State Health Benefits Program medical and/or dental premiums they have with before-tax dollars. Enrollment in the POP is automatic unless enrollment is declined.

  • The Unreimbursed Medical Flexible Spending Account (Medical FSA) allows employees to set aside money to pay for qualified medical and dental expenses not paid by any group benefits plan under which they or their dependents are covered. Reenrollment is required each calendar year — link to FSA plan Web site.

  • The Dependent Care Flexible Spending Account (Dependent FSA) allows an employee to set aside funds to pay for anticipated expenses related to dependent care required to permit the employee and spouse to work. Reenrollment is required each calendar year — link to FSA Plan Web sites.

TAX$AVE PUBLICATIONS

For additional information about Tax$ave, see Fact Sheet #44, Tax$ave Adobe PDF (42K)

Eligible employees should also review the Tax$aveOpen Enrollment Newsletter Adobe PDF (103K), the Premium Option Plan brochure Adobe PDF (44K), and the Flexible Spending Plans Flier Adobe PDF (346K), which are linked from this Web site.

Employees can also contact the flexible spending account administrator, WageWorks, Inc., for more information on the Unreimbursed Medical Flexible Spending Account and Dependent Care Flexible Spending Account portions of Tax$ave. The WageWorks Customer Service telephone number, mailing address, and Web link are provided below.

Tax savings on commuter mass transit and parking expenses are available as a separate benefit to State employees under the Commuter Tax$ave Program. Visit the Commuter Tax$ave home page and see Fact Sheet #67, Commuter Tax$ave Program, Adobe PDF (35K) for more information.

FLEXIBLE SPENDING ACCOUNTS

WageWorks, Inc., administers the Unreimbursed Medical Flexible Spending Accounts and Dependent Care Flexible Spending Accounts for Tax$ave and the Division of Pensions and Benefits.

FSA ENROLLMENT

You must enroll with WageWorks each plan year in order to participate in a Flexible Spending Account.

During the Open Enrollment you may:

  • Enroll by Fax to: 1-866-672-4780

New employees must:

  • Enroll with paper enrollment Adobe PDF (91K) form either by Fax or by mail within 30 days of hire date.

Contact WageWorks Customer Service toll-free at 1-855-428-0446 or visit WageWorks online at: www.wageworks.com

wageworks WageWorks
P.O. Box 1840
Tallahassee, Florida 32302-1840
1-855-428-0446

WageWorks Claim Forms — for claims submitted after September 1, 2012
Tax$ave enrollees should submit all FSA plan claims to WageWorks

For information on past claims made prior to September 1, 2012, contact Fringe Benefits Management Company's Customer Care
toll-free at 1-800-342-8017, or visit online at: www.myFBMC.com


Tax$ave FSA Plan — System Migration to WageWorks

In September 2012, the online systems for the Tax$ave FSA Plans were moved to a new computer system supported entirely by WageWorks, Inc.  The system migration completes the transition of the Tax$ave FSA administration to the WageWorks name (formerly Fringe Benefits Management Company, a Division of WageWorks).

As of September 18, 2012, employees should access the remainder of their 2012 FSA accounts at www.wageworks.com  

  • Employees are required to re-register with WageWorks for account access at the new Web site www.wageworks.com.

  • Access to claims prior to September 1, 2012 will be maintained at: www.myFBMC.com or by contacting Customer Care at 1-800-342-8017.

  • To learn more about the migration watch this recorded webinar presentation from WageWorks.

Pension Reform and Section 125 Plans for Local Employers

Chapter 78, P.L. 2011, the Pension and Health Benefit Reform Law, requires local government and local education employers to offer Section 125 plans to their employees.

The Tax$ave Program is only available to eligible State employees.

  • Local employers must establish their own Section 125 programs.

  • Local government and local education employees should contact their human resources office or benefits administrator to determine the specific plans and benefits that are available.

Find out more about Pension and Health Benefit Reform.


 

 
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