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Created On: 03/01/2018
in Retirement Accounts Loans 401(k) loans are not reported as taxable income if they are re-paid by the borrower. However, if the loan is not repaid when you leave your employer and move the funds out of the 401(k), the loan amount is considered a distribution and you will owe ...
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Catch-up contributions are salary deferrals (also referred to as “elective deferrals”) that employees age 50 or older can make in addition to their regular retirement plan contributions. Like regular elective deferrals, catch-up contributions ...
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What is Roth? A Roth deferral is an after-tax contribution, which means you must pay current income tax on the deferral. Since you have already paid tax on the deferral, you won’t pay tax on it again when you receive a distribution of your Roth d...
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Created On: 02/28/2018
in Benefits Card FAQ's
Merchant codes are set by the merchant account. We do not have the ability to change the merchant code. If you are purchasing an eligible item but your benefits card is not being accepted, please use an alternate form of payment and submit a claim...
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Created On: 02/28/2018
in Benefits Card FAQ's
If your daycare provider does not accept credit cards, you can use an alternate form of payment and submit a claim for reimbursement through your online account. If your claim is submitted in good order by Wednesday at 5pm ET, your reimbursement w...
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Created On: 02/28/2018
in FSA/HRA/HSA FAQ's Generally cosmetic procedures (such as Botox treatment, teeth whitening, etc.) are ineligible. However, if treatment is needed due to a medical condition, then the expense may be considered eligible. A letter will be required from a doctor stating t...
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Created On: 02/28/2018
in FSA/HRA/HSA FAQ's Yes, the FSA does not require that your dependents be covered under your health insurance plan. You can use your account to pay for eligible health care expenses for your family, regardless of the health insurance plan in which they are enrolled. ...
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Created On: 02/28/2018
in FSA/HRA/HSA FAQ's You will forfeit any money that remains in your account. Any excess funds are kept by the employer and can be used to offset the costs of administering the program. The IRS regulations require this, and do not allow employers to return the money to ...
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Created On: 02/28/2018
in FSA/HRA/HSA FAQ's No, you can use funds only for the purpose for which the election was initially made. IRS regulations do not allow funds to be transferred or commingled between accounts. So, the money in your Health Care FSA may only be used for health care expense...
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Created On: 02/28/2018
in FSA/HRA/HSA FAQ's No, you can use the Dependent Care FSA to cover expenses for anyone who watches your children while you and your spouse are working. It can even be a family member, as long as that person is not your tax dependent. The provider must provide their So...