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 FSAFEDS ELECTION OPPORTUNITIES

Your FSAFEDS election is effective only for one benefit period (January 1 through March 15 of the following year). You must reenroll in FSAFEDS for each year that you choose to participate. Under Internal Revenue Service tax rules, you forfeit any money for which you did not incur an eligible expense under your FSA accounts during the benefit period. This is known as the “use or lose” rule. Be sure to carefully plan how much money to contribute to your accounts. The FSAFEDS Calculator can help you calculate allotments based on your individual situation and can indicate your potential tax savings.

If you experience a qualifying life event such as marriage, divorce, or birth of a child, you may enroll or change your current election in the FSAFEDS program, depending on the qualifying life event. The Federal FSA Program Quick Reference Guide for Qualifying Life Events provides additional information and outlines the changes that you can make to your FSAFEDS enrollment.

 ACTION REQUIRED TO ELECT DURING THE BENEFITS OPEN SEASON

  1. Make an election between the Monday of the second full work week in November through the Monday of the second full work week in December using the FSAFEDS Website or by contacting an FSAFEDS benefits counselor. You cannot enroll in FSAFEDS using the Employee Benefits Information System.


  2. If you are unable to make your election during the enrollment period for reasons beyond your control (e.g., you were out of the country and did not have access to the web site during the entire Open Season), you may request a belated election by completing the Belated Enrollment form and submitting it to FSAFEDS at the address provided on the form.
  3. Your election is effective on January 1 following the Benefits Open Season.
  4. You should review the biweekly Leave and Earnings Statement you receive from your payroll office to ensure correct deductions have been withheld for your election and to avoid errors for which you could be indebted. Refer to the Effective Date Chart to determine when your election should be reflected in your pay check.

 ACTION REQUIRED TO CHANGE BASED ON A QUALIFYING LIFE EVENT

  1. You should contact an FSAFEDS benefits counselor to discuss your individual situation.
  2. You can make your change 31 days before to 60 days after the date of the event.
  3. To make your election, complete the Qualifying Life Event form and submit it to FSAFEDS at the address provided on the form.
  4. Your change will be effective on the first pay period following approval of your qualifying life event.
  5. You should review the biweekly Leave and Earnings Statement you receive from your payroll office to ensure correct deductions have been withheld for your election and to avoid errors for which you could be indebted. Refer to the Effective Date Chart to determine when your election should be reflected in your pay check.
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