Voluntary Benefits
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Flexible Spending Accounts (Section 125)
This benefit plan is funded by reducing your salary before federal taxes are calculated. There are three options available to this benefit plan. Premiums for health insurance, personal accident insurance, cancer care insurance, personal recovery plus, and voluntary indemnity plans are available under the premium only plan (POP).
Also available under this plan are Flexible Spending Accounts (FSA), which allow you to establish a medical reimbursement expense account, and/or dependent care reimbursement account. If you do not file sufficient claims for reimbursement under these two accounts, you will lose the unused amounts. This is often referred to as the "use it or lose it" rule.
You must sign up for this program within the first 60 days of employment. There will be an open enrollment period in the spring, generally in May. During this open enrollment, employees may enroll in the Section 125 plan for the next fiscal year. Employees wishing to continue participation in either of the reimbursement accounts must re-enroll every year during the open enrollment period. There is no allowance for late enrollment.
When payroll deductions are taken on a before-tax basis, your taxable earnings are reduced by the amount of these deductions for the purpose of computing your taxes. Because of this tax advantage, federal law restricts employees from making changes in their benefit elections except during the open enrollment period, to be effective the following July 1.
THIS MEANS YOU CANNOT ADD, DROP OR CHANGE YOUR BENEFIT ELECTIONS AT ANY OTHER TIME EXCEPT IN CASES OF:
- Change in family status such as marriage, birth, divorce, or death.
- Inadvertent loss of coverage due to loss of employment, age, etc.
- Section 125 Flexible Spending Account Summary Plan Description
- Section 125 Flexible Spending Account Plan Document
For further information, call the Benefits Office at 775/784-6844
Voluntary Retirement Plan Limits
| 2006 | 2007 | 2008 | |
NSHE Tax Sheltered Annuity 403(b) Plan (402(g) limit of elective deferrals) |
$15,000 |
$15,500 |
$15,500 |
State of Nevada Deferred Compensation 457 Plan (limits on elective deferrals) |
Lesser of $15,000 or 100% of compensation |
Lesser of $15,500 or 100% of compensation |
Lesser of $15,500 or 100% of compensation |
Catch-up deferrals for participants age 50 or over in 403(b) and 457 Plans |
$5,000 additional |
$5,000 additional |
$5,000 additional |
FORMS
- ASI Section 125 Request For Reimbursement - This form is for reimbursement of eligible dependent care expenses and unreimbursed medical expenses.
- ASI Direct Deposit Form - Speed up the receipt of your Section 125 reimbursement with Direct Deposit. Have it paid directly into your bank account.
- ASI Enrollment Form - This form should be used for new hires enrolling in the FSA plan mid-year