Flexible Benefits 2010
The Flexible Benefits Plan established by the University is an important part of your overall benefits package. This Plan permits the University to exclude, from both Federal Income and Social Security taxes, premiums paid by you for group medical insurance, dental insurance and amounts you contribute to a medical and/or dependent care reimbursement account.
The medical and dependent care reimbursement accounts are components of the Flexible Benefits Plan that provide an opportunity for additional tax savings if you choose to participate. By enrolling in one or both of the reimbursement accounts, you can designate a fixed dollar amount to be set aside annually for dependent care and/or medical expenses. Subsequently, as expenses are incurred, the University reimburses you through your payroll check for those expenses.
Employees who have a remaining balance at the end of 2009 may submit additional expenses for reimbursement, if those expenses are incurred within the first 2 ½ months of calendar year 2010 (March 15, 2010). This grace period allows employees who overestimate expenses time to incur additional expenses and avoid forfeiture of unused balances.
Even if you participated in the medical reimbursement and/or dependent care reimbursement account during 2009, you must re-enroll to participate during 2010. December 14, 2009 is the due date for completing the materials related to the Flexible Benefits Program. Participation in the medical reimbursement account requires the completion of the Reduction Agreement Form for 2010 and participation in the dependent care reimbursement account requires the completion of both the Reduction Agreement Form for 2010 and the Dependent Listing Form.
Contact
Director
P115 Andy Holt Tower
Knoxville, TN 37996
865-974-5251 Phone
865-974-3530 Fax