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All 2015-2016 Flexible Spending Plan participants (Health Care and Dependent Care) must file claims by September 30, 2016 for the plan year ending June 30, 2016. If you used your MySource ID Card and have substantiated your claims throughout the year, you do not need to file a paper claim. Claims must be filed directly with Sheakley, the plan administrator. You may locate the claim forms at www.Sheakley.com, or they may be found on the Benefits Department webpage by clicking this link.
Employees who are unable to spend their HEALTH CARE REIMBURSEMENT funds prior to the end of the 2015-2016 plan year, June 30, 2016, have an extra 2 1/2 months, after the plan year-end, to incur eligible expenses before forfeiting unused funds. It is essential to understand that the use-it-or-lose-it rule still exists, but the extension greatly softens the blow by allowing you more time to use your unspent FSA balances. This extension does not apply to Dependent Care Reimbursement funds.
You have until September 15, 2016 to INCUR qualified health care expenses to exhaust your 2015-2016 plan year balance.
You have until September 30, 2016 to FILE YOUR CLAIM for reimbursement of any health care expenses or dependent care expenses you want applied to the 2015-2016 plan year.
Please be advised that claims for HEALTH CARE REIMBURSEMENT submitted within the 90 day grace period, which were incurred in the first 2 ½ months following the end of the 2015-2016 plan year, will be applied as follows:
- Any unused funds from 2015-2016 will be applied first for reimbursement of the claim.
- If the requested amount for reimbursement exceeds your leftover 2015-2016 balance, any 2016-2017 funds will be applied to the claim.
If you have any questions regarding your claims submission or payments please contact Sheakley at 800-877-6630.
Preparing for Hybrid Retirement Plan Auto-EscalationBeginning January 1, 2017, Hybrid Retirement Plan members’ voluntary contributions to their Hybrid 457 Deferred Compensation Plan accounts will automatically increase by 0.5 percent for those not already contributing the maximum 4 percent. Members will be able to opt out of the auto-escalation. There will be more information about how to opt out of auto-escalation as the time approaches.
The Hybrid 457 Plan was designed with an automatic escalation every three years to encourage members to maximize their tax-deferred retirement savings. The first increase will impact hybrid members hired on or before September 1, 2016, and who have a record in ICMA-RC’s system by September 15, 2016.
The Hybrid Retirement Plan Handbook and the Understanding Your Contributions video also provide background information on auto-escalation.
The Importance of Voluntary Contributions
Voluntary contributions at various levels up to 4 percent allow members to accumulate additional savings on a pre-tax basis. We encourage you not to wait for auto-escalation to take effect. By contributing 4 percent now, you will receive the full 2.5-percent employer match. In addition, taxes on the contributions and earnings are deferred, providing even more financial benefit.
Steven Scott, representative from ICM-RC will be available monthly, by appointment only, at the Kelly Leadership Center in room 3208 for individual consultations with PWCS employees regarding their Hybrid VRS accounts. THIS IS FOR VRS HYBRID MEMBERS ONLY for information regarding the defined contribution portion of the Hybrid plan with ICMA-RC. These appointments would not be valid for VRS Plan 1 or Plan 2 members who do not hold ICMA-RC accounts. Please contact Jill Argueta at email@example.com or 703.791.8927 to for upcoming dates and to schedule your appointment. Please refer to the Benefits Web page calendar on the right for these and all future dates.