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SECTION 125 (FLEX) DIRECT DEPOSIT AUTHORIZATION BMS office use: Attach label here (ELECTRONIC FUNDS TRANSFER) Please Print or Type Name (Last, First, MI) Group Name Social Security Number Type of
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How to fill out flex plan direct deposit
How to fill out flex plan direct deposit:
01
Obtain the necessary forms from your employer or the benefits administrator of your flex plan.
02
Fill in your personal information, including your name, address, and social security number.
03
Provide your bank account information, including the bank name, account number, and routing number.
04
Indicate the amount or percentage of your paycheck that you would like to be deposited into your flex plan account.
05
Sign and date the form, and make sure to follow any additional instructions or requirements provided.
Who needs flex plan direct deposit:
01
Employees who participate in a flex plan, such as a flexible spending account (FSA) or a health savings account (HSA), may need to set up direct deposit to receive reimbursements or contributions.
02
Employers may require or offer direct deposit for flex plan accounts to streamline the reimbursement process and ensure timely and accurate transactions.
03
Individuals who want to take advantage of the convenience and efficiency of direct deposit for their flex plan funds may choose to set it up for their own benefit.
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What is flex plan direct deposit?
Flex plan direct deposit is a method of transferring funds from your employer directly into your flexible spending account (FSA) for healthcare or dependent care expenses.
Who is required to file flex plan direct deposit?
Employees who participate in a flexible spending account (FSA) program offered by their employer are required to set up flex plan direct deposit.
How to fill out flex plan direct deposit?
To set up flex plan direct deposit, employees need to provide their employer with their FSA account information and complete any necessary forms or online setup process.
What is the purpose of flex plan direct deposit?
The purpose of flex plan direct deposit is to streamline the reimbursement process for eligible healthcare or dependent care expenses by automatically transferring funds from the employer to the employee's FSA.
What information must be reported on flex plan direct deposit?
Employees must report their FSA account information, such as account number and routing number, to set up flex plan direct deposit.
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