Deadline Extension for Health Care Pre-Tax Expense Account
If you’re currently participating in the Health Care Pre-Tax Expense Account, we have good news for you! In accordance with federal regulations, if you haven’t used all of the money in your account by the end of the plan year (July 1–June 30), you don’t get that money back. Since it can be difficult to foresee your exact expenditures for the entire year when you decide on your annual election amount, sometimes you find yourself seeking out additional eligible expenses to incur by June 30 of each year. However, new IRS regulations now permit Penn to extend the deadline for incurring expenses until September 15 of each year! This means that you if have money left over in your account as of June 30, 2006, you can still incur expenses through September 15, 2006 and apply those expenses to your contributions from the plan year ending June 30, 2006. Note that you still will need to submit any claims by September 30 of each year—the extension only applies when incurring eligible expenses.
For the current plan year, this extension only applies to the Health Care Pre-Tax Expense Account. However, next plan year (2006-2007), it will apply to both the Health Care and Dependent Care Pre-Tax Expense Accounts. If you have any questions, please contact the Penn Benefits Center at 1-888-PENNBEN (1-888-736-6236) and press Option 3.
Your Total Compensation Statement
Penn offers you valuable benefits such as a competitive retirement program and comprehensive healthcare options, in addition to providing access to many other benefits including discount programs, health promotion and wellness services, and career coaching. In early March, many of you will receive a Total Compensation Statement providing you with a summary of your calendar year 2005 benefits and compensation–showing both your contributions and the University’s cost for its contributions. You should be able to match your salary and your contributions to your final December 2005 paycheck. This personalized, confidential statement will be sent to full-time faculty and staff who were employed for a significant period of time in 2005. We hope your total compensation statement will provide you with a better understanding of the value of working at Penn.
—Division of Human Resources
Almanac, Vol. 52, No. 24, February 28, 2006
February 28, 2006
Volume 52 Number 24