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Help with Reduction in FSA Annual Elections for 2020

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edited Sep 18, 2020 10:56PM in Benefits 3 comments

Summary

Help with Reduction in FSA Annual Elections for 2020

Content

The IRS is allowing employees to change their Flexible Spending Account balances due to COVID-19.   We are having an issue reducing the amount for our hourly employee and I was wondering how others are handling this.  Currently the Pay Period deduction is calculated on the payroll side (we pass the Annual Amount to payroll and there is a fast formula tied to the element that looks at the Annual Amount - YTD deducted / # pay period remaining in the year).  This means the actual pay period amount is off on the Benefits side.  Benefits thinks the employee had $800 deducted already

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