2016 OE Guide for Part-time Associates
Transcription
2016 OE Guide for Part-time Associates
VIEW YOUR 2016 OPEN ENROLLMENT GUIDE AT BENEFITS.CARMAX.COM P A R T - T I M E A S S O C I AT E S OPEN ENROLLMENT is here! For part-time Associates, this is the only opportunity to enroll in the Day Care Savings Account (DCSA) for the Plan Year beginning March 1, 2016 (unless you have a Change In Status Event). Open Enrollment begins January 7. Submit your elections online no later than 11:59pm ET on January 25. (You can also phone in your elections at the MYKMXHR Service Center by 6pm ET on January 25.) Make your benefit elections Go to mykmxhr.com to enroll. You must re-enroll in your DCSA if you want to participate after February 29, 2016. If you don’t make any changes to your benefits during Open Enrollment, your DCSA participation will be waived. If you have any questions about Open Enrollment, call (888) 695-6947 or visit benefits.carmax.com. page 2 of 4 D AY C A R E S AV I N G S A C C O U N T overview The Day Care Savings Account (DCSA) lets you set aside money through pretax payroll deductions for day care expenses. When you enroll in the DCSA program, you’ll be reimbursed for eligible expenses that occur during the Plan Year. You must enroll in the DCSA each year if you want to participate. Plan your spending You can set aside up to $5,000 for eligible out-of-pocket day care expenses in your DCSA. Carefully estimate your day care expenses for the Plan Year, and use the calculator worksheets on benefits.carmax.com to help you figure out how much you’ll need for the year. Please note that the $5,000 maximum is an IRS limitiation per household so, if your spouse also has a DCSA, you will need to coordinate under this limitation. You cannot change your DCSA election unless you experience a Change in Status Event. Your day care provider must claim the income for tax purposes in order for these expenses to be reimbursable from your DCSA. If you currently have a DCSA, claims for expenses incurred between March 1, 2015 and February 29, 2016 must be submitted for reimbursement no later than May 29, 2016. Any amounts you don’t use will be forfeited at the end of the Plan Year’s Run-out Period. REMINDER: You must re-enroll in this account each year if you want to continue your participation. page 3 of 4 IRS Limitations The IRS regulates flexible spending accounts, including the DCSA, to ensure highly-compensated employees do not reap significantly greater benefits than non-highly-compensated employees. Participants considered “highly compensated” may be subject to reduced or suspended contributions at any time to comply with these regulations. We will notify you if this applies to you. Who to Contact If you need more information, please contact the MYKMXHR Service Center at (888) 695-6947 or visit benefits.carmax.com. Eligibility and Process Questions MYKMXHR Service Center: (888) 695-6947 page 4 of 4 For questions about your Day Care Savings Account WageWorks® Member Services: (877) 924-3967 Online: wageworks.com/carmax For contact information for our other benefit providers, please refer to “Connections @A Glance” at benefits.carmax.com.
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