Use a Dependent Care Flexible Spending Account (DCFSADCFSA (Dependent Care Flexible Spending Account)Used to pay for childcare expenses for children under the age of 13 or qualifying adults, who cannot care for themselves and meet IRS guidelines.) to save between 25-40% on the cost of child care or day care for children 13 and under, and for home care for an older or incapable dependent while you are at work or school.

Current plan year**
(July 1, 2021 – June 30, 2022)

IRS contribution limit: $5,000 per household for the 2021-22 plan year. 

Deadlines:

Previous plan year*
(July 1, 2020 - June 30, 2021)

  Plan details

*Allowable extension adopted by CU due to the Consolidated Appropriations Act of 2021.

**If Congress implements future allowable extensions, CU will consider allowable deadline extensions to Plan Year 2021-2022.


Determine your contributions

FSA contributions start on July 1, 2021, the first day of the plan year. 

Contributions end on June 30, 2022 but you'll have until Sept. 15, 2022 to spend your money.

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


 

DCFSA Basics

 Videos

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.

 

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. The reduction is minimal and you may wish to discuss it with your tax advisor.

 

Effect on PERA

If you are a PERA member on or before June 30, 2019: 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 plans reduce the salary on which PERA calculates benefits, your PERA retirement benefits may be reduced.

Review the FSA plan document.