Section 125 of the Internal Revenue Code. Up to $5,000 per year is allowed for each FSA account.
Employees must enroll on an annual basis to participate in the FSA. A separate booklet describing the FSA Plan is available in the Payroll Office.
HEALTH INSURANCE CONTINUATION PROVISIONS UNDER COBRA
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), as amended, requires that the college offer you and your dependents the opportunity for a temporary extension of medical and dental insurance coverage at group rates in certain circumstances when coverage under these plans would otherwise end. You are responsible for the cost of the continued insurance coverage.
Employees may continue coverage for 18 months under the following circumstances:
a) Reduction in the number of hours you work. b) Termination of your employment for reasons other than misconduct.
Your spouse or dependent child covered under the college's group medical and/or dental insurance plans may continue coverage for 36 months under the following circumstances:
a) Death of you, the employee. b) Your divorce or legal separation. c) You, the employee, accept Medicare coverage. d) Your dependent child ceases to meet the definition of a "dependent" child.
Under the law, the employee or a family member has the responsibility to inform the Campus Payroll office within 60 days of a divorce, legal separation, or a child losing dependent status under one of the group health plans. The college will then provide you or your family members notice of your rights to continuation coverage under the law. The college will automatically provide notice to those involved in the case of an employee's death, termination of employment or reduction in hours, or Medicare eligibility.
Under the law you have 60 days from the later of: (a) receipt of the notice or (b) the date on which Plan coverage terminates because of the qualifying event, in which to elect to continue coverage under the Plan.
If you do not choose continuation coverage, your group health insurance coverage will end.
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