Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

A Flex Plan allows you to pay for:A Flex Plan allows you to pay for:

Group Health Insurance PremiumsGroup Health Insurance Premiums Certain Medical ExpensesCertain Medical Expenses Dependent or Child Care ExpensesDependent or Child Care Expenses

TAX FREE !!!TAX FREE !!!

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

What do you mean…What do you mean…

TAX FREE?TAX FREE?

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

You can place a portion of your salary You can place a portion of your salary (from each pay period)into the Flex Plan before:into the Flex Plan before:

FICA (Social Security) FICA (Social Security) 7.65%7.65%

Federal Taxes Federal Taxes (Start at 15%)(Start at 15%)

State TaxesState Taxes (Approximately 8%)(Approximately 8%)

If you add up all of the taxes taken If you add up all of the taxes taken out of your paycheck each pay period, out of your paycheck each pay period,

you will see that it is close toyou will see that it is close to 30% - 40%!!30% - 40%!!

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

GroupGroup Health Insurance PremiumsHealth Insurance Premiums

Pay your portion of the employer sponsored group Pay your portion of the employer sponsored group health insurance premiumhealth insurance premium

You will lose nothing in this plan, You will lose nothing in this plan, you will only save you will only save moneymoney

Don’t forget to sign the enrollment formDon’t forget to sign the enrollment form

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Medical Care Reimbursement AccountMedical Care Reimbursement AccountWhat’s Reimbursable?What’s Reimbursable?

Medical expenses Medical expenses NOTNOT reimbursed by any insurance!! reimbursed by any insurance!!

Certain “over-the-counter” medicationsCertain “over-the-counter” medications Chiropractic CareChiropractic Care Massage Therapy/Body ScansMassage Therapy/Body Scans Dental / OrthodonticsDental / Orthodontics VisionVision Contact Lens/SolutionContact Lens/Solution Deductibles/Co-paymentsDeductibles/Co-payments Laser Vision CorrectionLaser Vision Correction

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Eligible ExpensesEligible ExpensesIn order to get expenses reimbursed, the expense must be…..In order to get expenses reimbursed, the expense must be…..

MEDICALLY NECESSARY!!!!MEDICALLY NECESSARY!!!! No Vitamins or Dietary SupplementsNo Vitamins or Dietary Supplements No Toiletries/Sundry Items (toothpaste, tissue, etc.)No Toiletries/Sundry Items (toothpaste, tissue, etc.) No lotions, soaps, creams, suntan lotion, etc.No lotions, soaps, creams, suntan lotion, etc. Nothing cosmetic in natureNothing cosmetic in nature

For more information on qualified expenses, visit us on the web at For more information on qualified expenses, visit us on the web at www.goigoe.com.www.goigoe.com.

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Dependent CareDependent Care Pay for child care / dependent care expenses up Pay for child care / dependent care expenses up

to $5,000 per yearto $5,000 per year If the dependent is a child the child must be under If the dependent is a child the child must be under

the age of 13the age of 13 If the dependent is over the age of 13, they must If the dependent is over the age of 13, they must

be physically or mentally incapable of taking care be physically or mentally incapable of taking care of themselvesof themselves

Must provide taxpayer ID# or SS# of person or Must provide taxpayer ID# or SS# of person or organization providing careorganization providing care

Visit us on the web at Visit us on the web at www.goigoe.comwww.goigoe.com for more for more information on Dependent Care, in addition to a sample information on Dependent Care, in addition to a sample

Dependent Care ReceiptDependent Care Receipt

            

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Plan year begins Plan year begins March 1, 2007March 1, 2007 and ends and ends February 28, 2008February 28, 2008

Plan Year Medical Maximum:Plan Year Medical Maximum:$2,500.00$2,500.00 Plan Year Dependent Care Maximum: Plan Year Dependent Care Maximum: $5,000.00$5,000.00 Reimbursement Requests will be processed Reimbursement Requests will be processed

every other Monday (same week as payday) and every other Monday (same week as payday) and will be added to your paycheck.will be added to your paycheck.

Plan SpecificsPlan Specifics

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Submitting In A Request For Reimbursement Submitting In A Request For Reimbursement

Fax, Mail, or e-mail copies of receipts toFax, Mail, or e-mail copies of receipts to

Must be received Must be received 4 FULL business days4 FULL business days prior to processing prior to processing General Rule of Thumb – submit your requests on payday for General Rule of Thumb – submit your requests on payday for

reimbursement on the following paycheckreimbursement on the following paycheck Receipts must show date of service and the description of the service Receipts must show date of service and the description of the service

that was providedthat was provided Charge card or cash register receipts, or cancelled checks (without Charge card or cash register receipts, or cancelled checks (without

detailed description) are not acceptabledetailed description) are not acceptable Balance due statements (without detailed description) will not be Balance due statements (without detailed description) will not be

acceptedaccepted If your request form is filled out incorrectly, or receipts and If your request form is filled out incorrectly, or receipts and

proper documentation are missing, a letter will me emailed to proper documentation are missing, a letter will me emailed to you explaining why your request is being denied.you explaining why your request is being denied.

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Can I stop or change Can I stop or change contributions during the plan year?contributions during the plan year?

NO, unless there is a…

Marriage Divorce/Legal Separation Birth Death Adoption/Change in Legal Guardianship Change in spouse’s job Change in spouse’s insurance

If you have questions about a possible qualifying event, please contact your Human Resources Department or visit our website, www.goigoe.com

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

How do I join the plan?How do I join the plan?

Determine if you are an eligible employee Determine if you are an eligible employee Estimate your non-covered expensesEstimate your non-covered expenses Complete the enrollment formComplete the enrollment form Complete the Evergreen Election FormComplete the Evergreen Election Form

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

What if I don’t use What if I don’t use all the money I put into the plan?all the money I put into the plan?

Don’t let this happen to you!!Don’t let this happen to you!! Only put in money for your Only put in money for your plannedplanned

expenses expenses Use the worksheet provided on our Use the worksheet provided on our

website, website, www.goigoe.comwww.goigoe.com, or in your , or in your enrollment packetenrollment packet

You lose it!!You lose it!!

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Flex vs. No FlexFlex vs. No Flex

Before Flex With Flex

Gross Pay $32,000 $32,000

Pretax Expenses (1) $0 $2,000

Taxable Gross $32,000 $30,000

Taxes (2) $9,600 $9,000

Net Pay $22,400 $21,000

Reimbursable Expenses $0 $2,000

Spendable Income $22,400 $23,000

(1) Group insurance premiums, unreimbursed medical expenses, and child care expenses

(2) Estimated FICA, Federal Income Tax, State Income Tax (30%)

Rip Curl Flexible Benefit PlanRip Curl Flexible Benefit Plan

Download forms and worksheetsDownload forms and worksheets Access lists of covered/non-covered expensesAccess lists of covered/non-covered expenses

Medical Care Reimbursement AccountMedical Care Reimbursement Account Dependent Care Reimbursement AccountDependent Care Reimbursement Account

Direct link to the I.R.S. for complete technical informationDirect link to the I.R.S. for complete technical information Submit questions and receive expert answersSubmit questions and receive expert answers Check Flexible Benefit Plan account balance/s 24/7Check Flexible Benefit Plan account balance/s 24/7 Track all requests and reimbursements Track all requests and reimbursements Visit the FSA Online store to purchase OTC items with your Debit Card. Visit the FSA Online store to purchase OTC items with your Debit Card.

All transactions are approved at point of sale. That means NO receipt All transactions are approved at point of sale. That means NO receipt substantiation!!!substantiation!!!

Visit us on the web @Visit us on the web @ www.goigoe.com