7.2 Flexible Spending Plan
The Flexible Spending Plan is sponsored by Piedmont University and is permitted under Internal Revenue Code Section 125. The plan year is effective July 1 through June 30. This voluntary reimbursement account allows employees to transfer funds from their paycheck into a special account to pay for/or reimburse qualified medical expenses and/or eligible dependent care expenses (the cost of care or home services for eligible dependents) as they occur.
Contributions to the Flexible Spending Account are free from federal taxes, state income taxes, and Social Security taxes.