CompuSys/Erisa is pleased to offer employees of the State of New Mexico a Flexible Spending Account (FSA) Program and a Qualified Transportation Program, which will allow you to pay for eligible expenses on a pre-tax basis.
Here are a few highlights related to your Flexible Spending Accounts:
- The State of New Mexico's FSA Plans cover eligible Health, Dependent Care,
and Work-related Qualified Transportation Expenses
- By setting aside money in these accounts, you may reduce your taxable income,
providing you and your family more value for your dollar. These funds are not taxed
at the time of distribution and it is an annual tax savings. Participation in these
programs is voluntary. Enrolling in either or all of the Health Care, Dependent Care
or Transportation Accounts may provide a tax advantage but it is a good idea to contact
your tax advisor for further explanation and confirmation of the particular advantage for you.
- Normally, a Flexible Spending Account can save you money by using pre-tax dollars.
However, you must remember, that it requires careful planning because any amount,
that you have elected to contribute for which eligible expenses are not incurred by the
end of the plan year grace period, will be forfeited. This is called "The Use It or Lose It"
provision. For more information about the Health Care Benefit click
here, for more
information about the Dependent Care Benefit click here.
- Qualified Transportation Benefits also offer pre-tax savings for Mass Transit/Vanpooling
and Parking expenses incurred when you commute to and from your place of employment. These benefits
can be discontinued at any time. However, you can only change or revoke future contributions.
For more information about the Transportation Benefit click here.
If you have any questions please contact CompuSys/Erisa at (800)933-7472 or