Governors State University employees are eligible to enroll in the State of Illinois Flexible Spending Accounts (FSAs). FSAs allow employees the opportunity to use pretax dollars for eligible medical and/or dependent care expenses.
Employees may choose to participate in a Medical Care Assistance Plan (MCAP) or a Dependent Care Assistance Plan (DCAP).
Participation is voluntary and must occur at the beginning of employment, during the Benefit Choice period, or, when experiencing a qualifying event. Contributions can be made only through payroll deduction and cannot be changed unless one of the above circumstances occurs.
Employees must apply for this benefit every year during Benefit Choice period (May 1-May 31) to continue the benefit.
It is the employee's responsibility to file reimbursement claims by submitting the FSA Reimbursement Claim Form with the proper documentation to WageWorks. Reimbursement claims can be submitted up to three months following the close of the plan year. After September 30, any amounts remaining in the FSAs from the previous year (July 1-June 30) will be forfeited according to IRS regulations.
FY14 Medical Care Assistance Plan (MCAP) maximum is $2499.96.
FY14 Dependent Care Assistance Plan (DCAP) maximum is $4999.92.
*Employees must apply for this benefit every Benefit Choice period to continue the benefit.