Important Information about Your Flexible-Spending Benefits
Capital University faculty and staff who are eligible for benefits have two extra months to access their 2006 flexible-spending dollars, thanks to an IRS rule change.
Because the plan year has been extended, and because CBCA will continue to administer Capital's flexible-spending benefit in 2007, you can access your 2006 dollars until March 15, 2007, instead of Dec. 31, 2006. And, you can access your 2007 flexible spending dollars until March 15, 2008. Before the IRS implemented the change, you would have lost any money that went unused by Dec. 31, 2006.
Also, if you use a debit card to access you flexible-spending funds, you will be getting a new debit card for 2007. Your current card will be “turned off” on Sunday, Dec. 31, 2006. You can begin using your new card on Jan. 1, 2007, and charges made to the card will be against the 2007 election amount. You must submit receipts manually in 2007 to access your 2006 dollars. It is important to save all your receipts for every flexible spending purchase you make, because CBCA or the IRS may request copies of the receipts at any time. You may still submit the receipts along with a claim form via mail.
Another new feature to this benefit is direct deposit. You must complete a new enrollment application for flexible spending for each year you participate in the benefit. All open enrollment materials are due to the Human Resources Office by Friday, Dec. 1, 2006.