Administrative Regulation: Flexible Benefit Plan
Regulation Number: 3.17.3
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Eastern Wyoming College through the State of Wyoming’s agreement with the Internal Revenue Service (Code 125) offers its employees a Flexible Benefit Plan. The Plan Year begins January 1 and ends December 31 each year. The employee has an opportunity to change elections under the Flexible Benefit Plan each year.
Three different options are available for tax savings. The Flexible Spending Account allows a reduction to an employee’s annual earnings by the amount of insurance premiums he/she pays out-of-pocket. The Medical Care Reimbursement Account allows a reduction to an employee’s annual earnings by a specified amount set aside for unreimbursed medical expenses. This annual deduction cannot exceed the amount determined by IRS guidelines. The Dependent Care Reimbursement Account allows a reduction to an employee’s annual earnings by a specified amount set aside for daycare, babysitting expenses. This annual deduction cannot exceed the amount determined by IRS guidelines.
An employee may choose any or all of the options or may also choose not to participate in any of the options.
Original Adoption Date: 5/14/02
Revision Date(s): 11/8/05(RF), 8/13/13(RF), 5/2/16, 6/17/21(RN)
Date reviewed, no change: