Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


To read today's top news stories on federal employee related news visit FederalDaily.com.

Options
Go to last post Go to first unread
FLAMINGO  
#1 Posted : Thursday, December 07, 2006 11:48:42 PM(UTC)
FLAMINGO

Rank: Newbie

Groups: Registered
Joined: 2/12/2002(UTC)
Posts: 2

I just found out about the rule of any FSA funds not used by date of retirement converting to the FSAFEDS administrative account. Additionally, if a participant in FSA retires and has overspent his/her account, there is no collection of funds.

Is this covered in some retirement seminars or briefings? This is an expensive lesson for me and a question I didn't know to ask. I have tried to research the FSA topic and only found an obscure reference under the FSA "Frequently asked Questions and Answers."
mmthomas  
#2 Posted : Friday, December 08, 2006 2:57:19 AM(UTC)
mmthomas

Rank: Groupie

Groups: Registered
Joined: 11/1/2006(UTC)
Posts: 78

I found it the same way you did. No agency sponsored education was available. My plan is to buy a extra pair of glasses if there is money left in my FSA and I retire during the year.
FLAMINGO  
#3 Posted : Friday, December 08, 2006 7:38:15 AM(UTC)
FLAMINGO

Rank: Newbie

Groups: Registered
Joined: 2/12/2002(UTC)
Posts: 2

I retired before finding out about the FSA rules resulting in a large contribution to the FSA administration account.

For anyone opting for FSA and retiring prior to the end of the benefit year should do so with caution.
daystar  
#4 Posted : Friday, December 08, 2006 11:17:21 AM(UTC)
daystar

Rank: Senior Member

Groups: Registered
Joined: 4/21/2006(UTC)
Posts: 808

Flamingo,

Thank you for this post. I didn't realize what happened to the FSA money when you retire.
BudTuggley  
#5 Posted : Saturday, December 09, 2006 9:24:31 AM(UTC)
BudTuggley

Rank: Newbie

Groups: Registered
Joined: 8/18/2006(UTC)
Posts: 27

Keep in mind, you may use the medical flex account for nonprescription health care items too -- you could consider stocking up your medicine cabinet (cough syrup, bandaids, etc), extra pair of glasses is a great idea, etc, as long as the money is spent prior to your date of retirement.
Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 1.116 seconds.