An account that allows you to save money to use for certain health care and dependent care costs
You can enroll in the health care account (limited purpose health care account for those with an HSA), the dependent care account, or both
The money in the account is available July 1, 2017 through June 30, 2018
How does an FSA work?
You put money into the account through your paycheck, before any Federal, State, and Social Security taxes are taken out.
These deductions are taken throughout the year in equal amounts
For example, if you decide to put $500 into an FSA, you’ll have $19.23 taken out of 26 paychecks and put into your account
You must use all of the money you put in the account during the year – the money does not roll over to the next year
You can submit claims for reimbursement through August 31, 2018
Save with an FSA
Whether you are single, a working couple or have a family of four, an FSA provides more take-home pay and reduces your taxable income. The scenarios below highlight potential tax savings available through an FSA.
Potential Savings Available through an FSA
(Table will be inserted)
Health care FSA
How much can I contribute? You can contribute $100 – $2,600 per year into the Health Care FSA.
Who can I use the money for? You, your legal spouse and/or your dependent children
What can I use the money for?
Deductibles and coinsurance
Medically necessary maintenance and support devices
Treatment of alcoholism or drug dependency
Dental, vision and hearing: dental checkups, orthodontics, glasses, LASIK and hearing aids (including batteries)
Limited Purpose Health care Account What’s the difference? For those who have selected the Cigna 2000 Choice Fund with HSA medical plan option. You may contribute $100 – $2,600 per year to pay for eligible dental and vision related expenses only.
Dependent Care FSA How much can I contribute?
You can put up to $5,000 per year into the Dependent Care FSA.
If you are married and filing your tax return separately, you can put up to $2,500 per year into the Dependent Care FSA.
Who can I use the money for?
Children under the age of 13 who are listed as dependents on your income tax return.
Dependents of any age who are incapable of caring for themselves and who regularly spend at least 8 hours a day in your home.
Daycare expenses are defined as those that are necessary in order for you (and your spouse, if you’re married) to continue working.
What can I use the money for? Eligible Dependent Care expenses, covered while you are at work, include:
WageWorks Mobile Site: When you visit m.wageworks.com on your mobile device you can:
Access account balances and election amounts
Receive account alerts, including card transaction verification requests
View important dates
EZReceipts® Mobile App: The WageWorks’ FREE EZ Receipts® app allows you to submit receipts and claims from your mobile device using an easy step-by-step process. You will receive a confirmation on your mobile device and via email once your claim has been submitted.
Account Details How do I use the money?
When you have an eligible expense, you can:
Submit a claim for reimbursement and;
choose to receive a check by mail or,
have a direct deposit to your checking or savings account.
Have funds automatically deducted from your account by using your WageWorks FSA Card.
The Benefits Card can only be used with your Health Care FSA dollars.
You must submit receipts for reimbursement for your Dependent Care expenses.
You can submit a manual reimbursement request via:
Mail: Claims Administrator, PO Box 14053, Lexington, KY 40512
The FSA Benefits Card deducts each payment directly from your FSA account.
Your Health Care and Dependent Care accounts function separately. You cannot use funds from one account to pay for eligible expenses from the other account (for example, using Dependent Care account funds for health care expenses).
Should I keep my receipts?
Yes. You may be occasionally asked to submit your receipt as proof of an eligible expense. Remember to keep original receipts for your records as you may be required to provide documentation directly to the IRS in the event of a personal tax audit.
How long can I access the money in the accounts?
You can submit claims for reimbursement through August 31, 2017. Any money that you set aside for your Health Care or Dependent Care accounts that is not used for claims incurred through June 30, 2017 will be lost. Do not contribute more than the amount you are sure you will use during the plan year for eligible expenses.
The 401(k) plan gives you the opportunity to save money for your retirement. Eligible employees over age 21 may begin making contributions on their date of hire.
How much can I save?
You can save from 1% to 92% of your total pay up to the 2017 IRS maximum of $18,000
If you are 50 years or older you may contribute an additional $6,000 IRS catch-up contribution
The money you contribute is always 100% vested
What are my account options?
Traditional 401(k) plan – your contributions are made before taxes are taken out
Roth 401(k) – your contributions are made after taxes are taken out
Is there a match?
Bridgepoint Education will match 50% of the first 6% of each paycheck contribution and you will be vested as outlined in the table below
How is my money invested?
You have a list of funds to choose from if you wish to direct your investments
If you do not choose your investment option(s), contributions will be automatically deposited in the plan’s investment default
For detailed information about your investment options, please contact Transamerica at bpi.trsretire.com or call 800.755.5801
Loans & Hardship Withdrawals
Loans and Hardship withdrawals may be taken from your account while still employed with the company
Contact Transamerica for information and requirements for either option.
If you have an outside qualified retirement plan or account (401(k), 403(b), 457(b) or IRA), you may be able to transfer your balance into the Bridgepoint plan.