Flexible Spending Account Policy - Human Resources Policy and Procedures

  1. Back to Policies and Procedures Page
  1. Purpose
    1. To establish a Flexible Spending Account Plan for eligible Davis Technical College (College) employees.
  2. Policy
    1. Flexible Spending Account Plan - The College shall make available to eligible employees a Flexible Spending Account (FSA) Plan under Section 125 of the Internal Revenue Code. FSA plans allow eligible employees to divert wages to pay for certain qualified benefits in accordance with IRS policies.
    2. Administrative costs - The College pays for FSA Plan administrative costs.
    3. Plan Year - The plan year is the fiscal year, from July through June.
    4. Unused Amounts - A portion of unused money may carry-over from year to year; however, any amount greater than the allowable carry-over may be forfeited, as defined under current IRS regulations.

Effective Date: 26 March 2015

  • Approvals and Notes
  • Revised Board Approval: 26 March 2015
  • Revised President’s Council Approval: 16 March 2015
  • Board Approval: 21 November 2002