Flexible Spending - Dependent Care
Flexible Spending Accounts (FSA) help you save money by allowing you to pay for eligible dependent care expenses with pretax dollars. Your contribution to an FSA will reduce your taxable income.
Employee Eligibility
You are eligible to open either type of FSA after completion of the applicable waiting period, if you are a salaried employee working at least 50 percent of a full time schedule. You are not eligible if you are paid variable hourly, a summer-only appointment, or a full-time SUNY student appointed in an RF student title.
Break in Service
Hired prior to 7/1/24
Prior to meeting the waiting period, if you incur a break in service of 28 days or more, you must meet a new waiting period.
After meeting the waiting period, if you incur a break in service of more than 28 days, you will need to satisfy a new waiting period.
Hired on or after 7/1/24
Prior to meeting the waiting period, if you incur a break in service of any number of days before you satisfy the waiting period, you will need to satisfy a new waiting period before coverage takes effect. After meeting the waiting period, if you incur a break in service of more than 28 days, you will need to satisfy a new waiting period.
For further information regarding changes to the Plan’s eligibility rules, please contact your Plan Administrator at 518-434-7101.
As an RF employee, you may set aside up to $2,500 or $5,000 each year (depending on your tax filing status) on a pretax basis to pay for dependent care expenses. Eligible expenses include child day care, adult day care (if you’re caring for an elderly parent), pre-school, and summer day camps.
Enroll
Enroll online using Employee Self Service.
Refer to the guides to the right for more information.
IRS documentation
To claim the income exclusion for dependent care expenses on IRS Form 2441 (Child and Dependent Care Expenses), you must be able to identify your dependent care provider.
If your dependent care is provided by an individual, you will need their Social Security number for identification. If your dependent care is provided by an establishment, you will need its Taxpayer Identification number.
Research Foundation subsidy
The Research Foundation provides an annual subsidy to help pay for your dependent care expenses under the Dependent Care flexible spending account. The amount is based on your annual Research Foundation income as follows:
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If your salary is...
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The Research Foundation contribution is...
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Over $70,000
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$300
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$60,001 - $70,000
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$400
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$50,001 - $60,000
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$500
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$40,001 - $50,000
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$600
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$30,001 - $40,000
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$700
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Up to $30,000
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$800
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If you work less than full time, the contribution will be based on your full-time equivalent, annualized salary. For example, if you work half time and earn $30,000, your full-time equivalent salary is $60,000.
Continue your coverage
The Dependent Care FSA is not eligible for continuation upon termination of employment; however, you can continue to request reimbursement for eligible expenses incurred until you exhaust your account balance or the plan year ends.
Note: Your spouse must be working, and you must be actively at work at the RF at the time the expense is incurred to meet IRS requirements for an eligible expense under this benefit