Benefits

FLEXIBLE SPENDING ACCOUNTS ALLOW YOU TO:

1. PAY YOUR HEALTH INSURANCE PREMIUM ON A PRE-TAX BASIS
2. PAY FOR CHILD/DEPENDENT CARE ON A PRE-TAX BASIS
3. PAY FOR UNREIMBURSED MEDICAL EXPENSES ON A PRE-TAX BASIS

Please note that flexible spending amounts no longer affect your maximum tax-deferred allowance toward the retirement annuity, effective January 1, 1998.

The College provides Flexible Spending Accounts as an employee benefit plan. The plan allows you to contribute your own money, before taxes, to accounts which will then be used to pay for your medical insurance premium contributions or reimburse you f or uninsured medical expenses, deductibles, co-insurance amounts, or child care costs. The accounts are funded by the "salary reduction" method and provide a way for you to reduce your federal income tax exposure.

Flexible Spending Accounts operate on a single calendar year basis. Even if you participated in the plan this year, if you wish to participate next year, you will need re-enroll.