Will I lose that money or can I still spend it throughout the year?
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Thank you for the info! Virtually NO ONE could answer any of my questions and I asked several different sources. HR, Wageworks, on campus HR, college presidents, etc. 97006, wish you had been available to me when I was trying to get a credible answer.
Additionally, once on COBRA, the FSA is not available to you because you have broken service with the employer. I'm not busting your chops, but since I work in the industry I though I'd like to clear up the murky details. For instance, your company funds your FSA on Jan. 1, you could spend the entire amount on FSA eligible treatments on Jan 5th. You could quit on Feb. 1st and you came out ahead of the game.
FSA cannot pay COBRA premiums. Nor be used for co-1pays and the like once on COBRA. Only while an active employee.
And again, depending on when you left your employer, your loss was only what you had paid in to that date.
96686, you would only have lost what you paid into the FSA at the time you left. Employers must fund an employees FSA account for the amount elected (in your case $1500) on January 1st. you can draw down on those funds though you have not fully funded with your payroll deductions. So, unless you quit on December 31st and never used the funds you lost your $1500. Otherwise, you lost only what you had paid in up to the time you broke service.
This is the FSA rule for all companies. I’m in the industry.
When I left the company, I went on COBRA, as I could not be without health insurance. I asked multiple people about the FSA and NO ONE told me the truth. I found out later that because I didn't use the FSA I lost $1500! If you pay COBRA, be sure and remember that you have that FSA benefit. I couldn't afford to lose that money. I had even called Wageworks and asked about it and was told the incorrect information. I am still sick over it. I wrote EDMC's Human Resources Dept and even contacted a member of upper management. The only person who even responded to my letter was Mr. Danny Finuf. God Bless him. He took the time to respond to my letter personally, and although I still lost my money, I was proud that he responded and it he gave me an answer almost immediately. I learned the hard way. The punches just kept on coming!
And it is not an EDMC thing. That is how PTO is handled at any company. Why more and more move to it so to avoid vacation and sick leave rollover.
515- yes that is how I understand (and experienced) it.
96515... Will only pay the PTO earned. If you have used in advance, will deduct from last pay check. If let go in June for instance, what would have been earned til Decrmber is not paid.
96515... Will only pay the PTO earned. If you have used in advance, will deduct from last pay check. If let go in June for instance, what would have been earned til Decrmber is not paid.
If you work in California (one of those campuses) or work remotely and live in California, they have to pay out your PTO. It goes by the state you live in, not just EDMC's whims.
Company not Cosby.., iPhone fail
An FSA account is fully funded at the first of the calendar year. For example if you select 1,000 to be deducted from your pay check, the Cosby places 1k in your account and you receive the debit card for FSA eligible expenses. You can spend it all in Jan if you choose. If you leave regardless of why, any funds in the account remain with the employer. They are not required to pay it out. So, go buy some glasses and use the funds. They remain with the employer.
PTO is not paid out to you. That is why the company went from vacation and personal days to PTO so that there is no payout required. As you know you cannot carryover PTO as you used to be able to with vacation.
Plan accordingly.
Companies are supposed to pay this money out along with any PTO accrued. However, it wouldn't surprise me if it was forfeited considering that I have known no one that has been let go or quit to receive their accrued PTO. But better to be let go now than later. With CCI closing and soon to be multiple EDMC schools better to find a job now than when the floodgates open. I mean lates face it, admissions sales reps are a dime a dozen. Get out before the entire industry sinks instead of ignoring the elephant in the room.