Tax-Related Year-End Reminders
If your Basic Group Life coverage exceeds $50,000, IRS regulations dictate that the premiums paid by an employer for this coverage be reported as additional W-2 income. Box 13 of Form W-2 will contain the amount reportable as additional income, which is based on IRS tables identifying different premium amounts for different age groups. Please note that the rates in the IRS tables have been lowered effective July 1, 1999. You will therefore see lower imputed income figures this year as compared with last year.
Flexible Spending Accounts
Due to the holiday season, the University's Pretax Health and Dependent Care account carrier, Eastern Benefit Systems, Inc. (EBS), will be processing the December reimbursements on:
December 10 and 20
EBS requests that you submit your claims for reimbursement at least five business days before the payment processing date for timely payment. You may contact Eastern Benefits Systems, Inc. by telephone at 1-888-PENNFLX (736-6359).
Pre-tax Health and Dependent Care account claim forms may be downloaded from the Human Resources home page located at www.hr.upenn.edu/.
If you have moved, please be sure that you have notified your department's business administrator of your new address. This is necessary in order to ensure that time-sensitive correspondence from the University reaches you in a timely manner.
--Division of Human Resources
Almanac, Vol. 46, No. 13, November 23/30, 1999