Flexible Spending Benefits
Currently, P&A processes 90% of debit card transactions without manual substantiation. Annual pledge amounts have increased this year. Employees can pledge from the minimum of $260 up to the new maximum of $3050. Any remaining balances up to $610 will be available in the next fiscal year. Daycare amounts remain the same maximum of $5000. Parking and Transit increased up to $280 per month.
With the Medical Reimbursement Account you can save 15 percent to 40 percent on your out-of-pocket expenses that are not covered by the medical, dental or vision plans. Simply calculate your estimated expenses for the year and have that amount set aside in a Medical Reimbursement Account. The money is taken from your check before taxes, so you don’t pay most federal, state, Social Security and Medicare taxes on that amount.
How the Flexible Spending Works
Plan Limit
Medical Reimbursement Account: Minimum is $260 ($10 per pay check per 26 pay periods). Maximum is $3,050 per eligible employee per year. If you and your spouse are employed by the City each can contribute $3,050.
The US Treasury Department has modified its Flexible Spending Account (FSA) “use-it-or-lose-it” provision to allow carryover of Flexible Spending Account funds.
This is great news for you, because:
- You can carryover up to $610 of your unused Medical Reimbursement Account funds at the end of the plan year.
- This eliminates the risk of losing Medical Reimbursement Account funds if you elect $610 or less. If you chose not to participate in the past because of the “use-it-or-lose-it” mandate, now is the time to take another look. The benefit will automatically take effect on your account should you decide to participate in the Medical Reimbursement Account.
Learn More
*Employees or employees spouses who are contributing or receiving contributions into an HSA, are not permitted to participate in the Medical Reimbursement Account. Employees may still sign up for the Dependent Care Account.
Flexible Spending Accounts
Flexible Dependent Care Spending benefits for City of Albuquerque employees:
The Dependent Care Account allows you to set aside tax-free dollars for eligible day care expenses for your dependents. A Dependent Care Account is a great way to defer child care costs. Someone in a 15% tax bracket with the maximum $5,000 election would save $750 in one year using Flex. The Dependent Care Account is a pay-as-you-go account. You may only be reimbursed up to the amount you have contributed to the account.
Flexible Parking & Transit benefits for City of Albuquerque employees:
You can also save money on your parking and transit costs (up to 40%) by joining the Parking and Transit Plan administered by P&A Group. You can pay for your work-related parking and mass transit costs with tax-free dollars.
Parking and Transit Account limits:
- Parking: $280 per month
- Transit: $280 per month (Transit fare can only be paid using the debit card)
To receive reimbursement for non-city lot parking, claims must be submitted to P&A Group within six months of incurring the expense. Reimbursements will be made via direct deposit.
For Parking at City-Owned Lots: Contact the Parking Division of the Municipal Development Department at 924-3950. By enrolling via the Parking Division, your monthly salary reduction will automatically be applied to your payment due for parking.
Customer Service Options
- 24/7 account access via IVR at (800) 688-2611
- Toll-free account information available in English & Spanish
- Customer service representatives available Monday through Friday, 8:30 am to 10:00 pm ET
- Live online chat available during customer service hours
- Phone: (800) 688-2611
- Website: www.padmin.com