Cleveland County fixes FSA contribution setup error ahead of January availability
Summary
The benefits committee confirmed an initial error that applied the county's $500 contribution to all FSA accounts has been corrected; the county plans to deposit employer contributions in December so FSA funds will be available Jan. 1 per IRS timing rules.
Committee members reported that an initial setup error in flexible spending accounts (FSAs) — in which the county's $500 contribution had been incorrectly applied to all accounts — has been resolved and employee FSA elections now appear to be correct.
Officials noted that the county will deposit employer contributions in December so funds are available to employees on Jan. 1, meeting an IRS requirement for FSAs. The committee discussed the cash-flow implications of FSAs being fully available on Jan. 1 compared with HSA funds, which become available as employee payroll contributions are made. No further action on FSAs was recorded at the meeting.
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