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Flex - Qualifying Event
Benefits & Compensation
Flex - Qualifying Event
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Is being laid off considered a qualifying event that would allow a participant in the Flexible Spending Plan discontinue participation, or to lower their annual election?
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Forums » Topic Forums » Benefits & Compensation » Flex - Qualifying Event
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Flex - Qualifying Event
posted at 1/24/2009 10:53 AM EST
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Posts: 198
First: 5/6/2006 Last: 8/29/2011 |
I may not have made myself very clear. If someone has been laid off (but expected to return) and has elected, say $1000, since she is not getting a paycheck, she is not getting a deduction. She is still enrolled in the Flex. My question is, is being laid off a qualifying event that would allow her to lower her annual election or even discontinue Flex? |
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Flex - Qualifying Event
posted at 1/27/2009 8:58 AM EST
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Posts: 59
First: 9/5/2008 Last: 9/4/2009 |
She can elect to continue her FLEX the same way she would with COBRA.
Kris from DOL can explain to you in more detail as to how to calculate the numbers: 617-565-1396 As i understood, in many cases the EE ends up losing if he/she decides to stay on COBRA Flex. |
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Flex - Qualifying Event
posted at 1/27/2009 9:11 AM EST
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Posts: 59
First: 9/5/2008 Last: 9/4/2009 |
Hi again,
i found my notes as to the calculation of a COBRA Flex rate: let's say the EE chose $1000 for the year. He/she was laid off in July so he/she would've had 5 more months to contribute to their Flex plan. $1000*102% (2% administrative fee)/12 months = $85 (monthly COBRA flex premium) $85*5 months = $425 Based on this numbers - sometime it's not advantageous at all for the EEs to continue their Flex. |
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