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FLEXIBLE SPENDING ACCOUNTS (FSA)
What Types of FSAs Are Offered?
LACCD
offers two types of accounts:
This
benefit became effective
on April 1, 2004. Therefore, for plan year 2004,
your pre-tax contributions will be deducted over
the seven months
in the plan year (no deductions are made during
the summer). However, for newly eligible employees, if
you enroll in
the plan
after
April
1, 2004,
your contributions will be deducted over the remaining
number
of months in
the
plan
year.
The plan year will end on December 31. Subsequent
plan years
will begin
January 1 and end December 31, and you must re-enroll each
plan year.
Please note that the money you set aside in an FSA will
reduce dollar-for-dollar the maximum amount of expense you
can apply towards your Federal income tax return. Therefore,
you should consult your tax advisor to determine which method
works for you.
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