Page 26 - IPsoft 2018 Benefits Guide

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Flexible Spending Account (FSA)
Administered by TASC
You can save money on quali ed medical expenses and dependent care expenses with an FSA. You set aside funds each pay period on a pre-tax basis and use them tax-free for quali ed expenses.
You pay no federal income or Social Security taxes on your contributions to an FSA. Your FSA contributions are deducted from your paycheck before taxes are withheld, so you save on income taxes and have more disposable income.
Healthcare Spending Limit: $2,650 (per employee)
Dependent Care Spending Limit: $5,000 per calendar year
You must enroll / re-enroll annually to participate in
the Flexible Spending Account plan. The plan year runs January 1 – December 31, and elections are binding and cannot be changed during the plan year unless you have a qualifying life event.
Your FSA account allows you to use pre-tax dollars
to save approximately 30% on out-of-pocket quali ed medical expenses. The entire annual election amount is available to you right away.
Commuter Benefits Program
Administered by TASC
By enrolling in the Commuter Bene t Plan (CBP), you can pay for quali ed workplace mass transit and parking expenses with tax-free contributions. This means that you will not have to pay federal income taxes, Social Security (FICA) taxes, or state income taxes (may vary by state) on these expenses. When you enroll in the plan, you must indicate how much you want to contribute to your Mass Transit and/
or Parking account. Your tax-free contribution will be limited to the maximum allowed by the IRS. Any election amount that exceeds the IRS maximum will be deducted on an after-tax basis. Please contact the Human Resources Department
for additional information.
2018 Benefits
Employees are eligible to set aside $260 per month pre-tax!