Administered by ASI Flex, a Dependent Care Flexible Spending Account (DCFSA) allows you to save between 25 to 40 percent on the cost of child care or day care for children 13 and under, and for homecare for an older or incapable dependent while you are at work or school.

IRS contributionContributionIn reference to Flexible Spending Accounts and Health Savings Accounts, it’s the amount of money that you elect to be deducted from your paycheck to be deposited into your FSA or HSA account. limit: $5,000 per household for the 2019-2020 plan year and the 2020-2021 plan year. 

Deadlines:

Current Plan Year (July 1, 2020 - June 30, 2021)


Flexible Spending Accounts run on the CU plan year, beginning July 1 and ending June 30.

 

 

DCFSA Basics

 

DCFSA Contributions

 

Spending DCFSA Funds

Use it or Lose it Accounts

Failure to incur the expense and claim the reimbursement by the deadline will result in the forfeiting of your funds.

  • Plan year 2019-2020:  You must incur expenses from July 1, 2019 to Sept. 15, 2020 and file claims for reimbursement by Nov. 15, 2020. 
  • Any funds that remain in the account beyond the above deadlines will be forfeited.

 

Effect on Social Security

Cafeteria planCafeteria PlanA plan that meets the requirements of IRS Code Section 125 and offers participating employees certain non-taxable benefits, such as the Premium Only Plan and flexible spending accounts dollars are deducted from your pay pretax, meaning before federal, state, Social Security and Medicare taxes are paid. Participating in cafeteria plansCafeteria PlanA plan that meets the requirements of IRS Code Section 125 and offers participating employees certain non-taxable benefits, such as the Premium Only Plan and flexible spending accounts reduces the salary on which annual contributions to Social Security are calculated, which may result in a reduction of the Social Security benefits received at retirement.

 

Effect on PERA

Cafeteria planCafeteria PlanA plan that meets the requirements of IRS Code Section 125 and offers participating employees certain non-taxable benefits, such as the Premium Only Plan and flexible spending accounts dollars are deducted from your pay pretax, meaning before federal, state, and Medicare taxes are paid.  Your PERA retirement annuity or disability retirement is based on your PERA Highest Average Salary (HAS) calculation. Since cafeteria plansCafeteria PlanA plan that meets the requirements of IRS Code Section 125 and offers participating employees certain non-taxable benefits, such as the Premium Only Plan and flexible spending accounts reduce the salary on which PERA calculates benefits, your PERA retirement benefits may be reduced.

Review the FSA plan document.