Group Dynamic, Inc. administers Colby's Flexible Spending Accounts (FSA's). FSA's provide employees the opportunity to make pre-tax contributions to an account in their name, from which reimbursements are made for DEPENDENT CARE EXPENSES  and eligible MEDICAL EXPENSES (such as co-payments, deductibles, dental, and eye expenses).

FSA's require an irrevocable election for each Plan Year and contributions to FSA's are not subject to payroll or income taxes. The amount of your election is then withheld in equal amounts from your paychecks throughout the year. Claim forms are submitted for reimbursement of expenses incurred during the Plan Year in which contributions are made. Expenses are considered incurred on the date services are rendered, regardless of when you actually pay for them. Dependent care expenses will be reimbursed only up to the amount contributed at the time the form for reimbursement is submitted.

Changes in the election for the Dependent Care Assistance Account may be made only because of and consistent with a "status change event". Elections for the Medical Reimbursement Account may not be changed during the Plan Year.

Employee account balances remaining 90 days after the end of the year will be forfeited.

You will have until March 31, 2009 to submit claims incurred between January 1, 2008 and February 28, 2009.  Please contact the Office of Human Resources (ext. 5503) or GDI toll-free at 1-800-626-3539, if you have any further questions.