Tax$ave, a benefit program available under Section 125 of the Federal Internal Revenue Code, allows eligible full time employees to set aside before-tax dollars to pay for certain dependent care expenses, thereby saving you money by avoiding federal taxes. An eligible employee is any employee who is eligible to participate in the State Health Benefits Program.
The Dependent Care Spending Account Plan (DCSA) allows an employee to set aside funds to pay for anticipated expenses related to dependent care required to permit the employee and spouse to work.
Please keep in mind reimbursement requests to Dependent Care Spending Accounts must be submitted no later than March 15 following the end of the calendar year for which the account was set up. Any monies in your account not claimed by March 15 will be forfeited; therefore, it is critical that reimbursement requests be submitted timely, as soon as possible after the expense is incurred.
WageWorks is administering the Dependent Care Spending Account for the Division of Pensions and Benefits.
Additional Information about the Dependent Care Tax$ave program is available from the following sites:
- Unreimbursed Medical and Dependent Care TaxSave Plans - Fact Sheet #44
- WageWorks Website
- WageWorks Enrollment Form
- WageWorks Claim Forms