Want to suspend your dependent care flexible spending account? You can.
Although USC child care centers remain open, if your child care center is closed – or if you don’t need child/dependent care at this time because you’re working from home – you can suspend your dependent care flexible spending account (FSA) deductions.
To do that, log into Workday, and click the Benefits icon, which looks like this:
Then take following steps:
- In the “Change” box, click Benefits
- A page will come up that includes a dropdown menu for Benefit Event Type – click that
- Find and click I want to change my Flexible Spending Account
- Enter the date you want it to take effect (cannot be retro – must be the day you’re doing this or a later date) – then Submit
- Click Open – it will take you to spending accounts elections
- Next to Dependent Care FSA – Wageworks – click Waive – then click on Continue at the bottom
- Review benefit elections and click the I agree box
- Click Submit
Once the transaction is completed, the effective date will be as soon as administratively possible.
Note that when the situation normalizes, you can enroll again (if you will be paying for dependent care again). At that time, since the maximum amount allowed for a 2020 dependent care FSA is $5000, you will be able to sign up for $5000 minus whatever amount you already set aside in 2020 (the total of your dependent care deductions through the date you suspended).
If you were paying $300/month toward your dependent care FSA, and you only paid for January, February, and March before you suspended the account, then when you sign up again you will be eligible to sign up for a $4100 account (which equals $5000 minus the $900 you already set aside).
Please direct any questions to the HR Service Center at email@example.com.