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Flexible Spending Accounts (FSAs)
GLG provides you with the opportunity to participate in the
following Flexible Spending Accounts: CAUTION! Be sure to use all your
> Healthcare Flexible Spending Account; FSA dollars by the required dates
> Limited Purpose Healthcare Flexible Spending Account; and > The IRS requires that any money
left in your FSA at the end of the
> Dependent Care Flexible Spending Account. year must be forfeited. That’s
These Flexible Spending Accounts (FSAs) allow you to contribute why it’s so important that you
plan your FSA contributions
money on a pre-tax basis to pay for qualiied healthcare—or
daycare-related expenses. They can save you money because carefully and conservatively.
you do not pay taxes on the money you contribute to these > You can rollover up to $500
FSAs. GLG’s FSA will be administered by Chard Snyder of unused FSA contributions
beginning January 2019. (excluding the DCFSA) that
remain at the end of the plan
Do you have to elect an FSA in order to participate? year. In addition, such carryovers
Yes. You must enroll for each FSA you wish to contribute to will not count against the annual
during the New Hire Enrollment or Open Enrollment period each limit.
year—or you may do so if you have an eligible qualifying life > You will have until March
event. 31st to submit your claims for
the previous year’s eligible
Can I make changes to my FSA amounts during the year? expenses.
Generally, no. The IRS requires that pre-tax beneit elections be
maintained throughout the beneit plan year. You can only make
changes to your elections if you have a qualifying life event. Of
course, you can always make changes to your FSA during Open
Enrollment. (see page 3)
How the FSAs work—It’s easy to use your FSAs:
> You contribute to your FSA account(s) with pre-tax dollars through convenient payroll deductions. This
means you pay no taxes* (federal, state or Social Security) on your contributions. Your Dependent Care
FSA contributions are subject to state income taxes.
> You pay for your eligible healthcare and/or childcare expenses as usual.
Note: Since you don’t pay Social Security taxes on your contributions, your FSA contributions may reduce your wages reported for Social Security purposes.
* Under N.J.S.A. 54A:6-24, the value of a cafeteria plan beneit is excludable from New Jersey gross income. The FSA beneit cannot meet the New Jersey
requirements for excludability. Accordingly, for New Jersey gross income tax purposes, the employee’s full salary, without reduction, is subject to tax
withholding.
12
GLG provides you with the opportunity to participate in the
following Flexible Spending Accounts: CAUTION! Be sure to use all your
> Healthcare Flexible Spending Account; FSA dollars by the required dates
> Limited Purpose Healthcare Flexible Spending Account; and > The IRS requires that any money
left in your FSA at the end of the
> Dependent Care Flexible Spending Account. year must be forfeited. That’s
These Flexible Spending Accounts (FSAs) allow you to contribute why it’s so important that you
plan your FSA contributions
money on a pre-tax basis to pay for qualiied healthcare—or
daycare-related expenses. They can save you money because carefully and conservatively.
you do not pay taxes on the money you contribute to these > You can rollover up to $500
FSAs. GLG’s FSA will be administered by Chard Snyder of unused FSA contributions
beginning January 2019. (excluding the DCFSA) that
remain at the end of the plan
Do you have to elect an FSA in order to participate? year. In addition, such carryovers
Yes. You must enroll for each FSA you wish to contribute to will not count against the annual
during the New Hire Enrollment or Open Enrollment period each limit.
year—or you may do so if you have an eligible qualifying life > You will have until March
event. 31st to submit your claims for
the previous year’s eligible
Can I make changes to my FSA amounts during the year? expenses.
Generally, no. The IRS requires that pre-tax beneit elections be
maintained throughout the beneit plan year. You can only make
changes to your elections if you have a qualifying life event. Of
course, you can always make changes to your FSA during Open
Enrollment. (see page 3)
How the FSAs work—It’s easy to use your FSAs:
> You contribute to your FSA account(s) with pre-tax dollars through convenient payroll deductions. This
means you pay no taxes* (federal, state or Social Security) on your contributions. Your Dependent Care
FSA contributions are subject to state income taxes.
> You pay for your eligible healthcare and/or childcare expenses as usual.
Note: Since you don’t pay Social Security taxes on your contributions, your FSA contributions may reduce your wages reported for Social Security purposes.
* Under N.J.S.A. 54A:6-24, the value of a cafeteria plan beneit is excludable from New Jersey gross income. The FSA beneit cannot meet the New Jersey
requirements for excludability. Accordingly, for New Jersey gross income tax purposes, the employee’s full salary, without reduction, is subject to tax
withholding.
12
