Tax Savings Plan
By electing to deposit a portion of your salary to the Flexible Spending Accounts - FSA (Health Care Reimbursement Plan and/or Dependent Care Assistance Plan), you are redirecting your money into a tax-free account used to pay qualified expenses that formerly were paid with after-tax income.
The funds designated for the Tax Savings Plan are exempt from Federal, State, and Social Security taxes. You pay no tax on the pre-tax premiums and or funds deposited to the Flexible Spending Accounts - FSA. You will not owe taxes on the funds deposited in the Flexible Spending Accounts when they are paid to you.
Once a faculty or staff member ceases to be eligible for the Health Care Reimbursement Plan, he/she may continue to participate in Drury's plan as required by COBRA.
Regular staff and faculty scheduled to work for the university at least 20 hours per week for at least nine months each year may participate in the Flexible Spending Account (FSA). You may enroll when you are first eligible to participate or when you experience a qualifying event.
You may also be able to enroll during the plan year if you experience a qualifying event, which is a change in family status that would make participation in the plan appropriate for you. Changes in family status include marriage, divorce, pregnancy, birth/adoption or death of a dependent and certain changes in your spouse's employment status.
- TerrillFlex Online Portal Instructions
- TerrillFlex Online Portal
- TerrillFlex Info Brochure
- TerrillFlex Mobile App information
- TerrillFlex Claim Form
January 1 - December 31 (FSA)
|Entry Date :||An eligible employee can elect coverage under the plan the first of the month following the month in which he or she becomes an eligible employee. FSA benefits must be re-elected each calendar year during FSA open enrollment.|
|Changes for Qualifying Events:||Benefit elections under the Plan are generally irrevocable for the plan year. However, certain life or employment events may allow you to make a consistent benefit change within 30 days after the event. Contact the Benefit Office for more information and a form to complete.|
|Exit Date:||Your plan eligibility ends on the last day of the month following you termination of employment with the university or, if earlier, on (i) the date you cease to be eligible, or (ii) termination of the plan.|
Staff and faculty are allowed the choice of making employee contributions to the following benefit plans on a pre-tax basis:
The Health Care Reimbursement Plan (Health Care Flexible Spending Accounts - FSA) allows you to use tax-free funds to pay you and your family's medical and dental care expenses not eligible for reimbursement under any other health plan coverage. Eligible expenses are described in the FSA Information Booklet. The employee may fund up to the annual maximum of $2,750. The Family Medical Leave Act (FMLA) rules apply to the Health Care FSA. Participants should discuss various leave options with the Human Resources Department prior to taking leave.
The Dependent Care Assistance Plan - DCAP (Dependent Care Flexible Spending Accounts - FSA) permits an employee to pay for his or her qualifying Dependent Care Expenses for Children under the age of 13 or day expenses for disabled dependents on a pre-tax basis. Eligible expenses are described in the FSA Information Booklet. The amount of Dependent Care Expenses reimbursement cannot exceed the maximum amount specified in Internal Revenue Code Section 129. The maximum amount is $5,000 for a calendar year.