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This document is used by employees of the University of Tennessee to elect participation in a flexible benefits plan for tax-free salary reductions for medical and dependent care expenses during the

How to fill out reimbursement accounts election and

How to fill out REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT

1. Begin by obtaining the REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT form from your HR department or the appropriate online portal.
2. Carefully read the instructions and any guidelines provided to understand the purpose of the form.
3. Fill in your personal information at the top of the form, including your name, employee ID, and department.
4. Specify the type of reimbursement accounts you wish to elect, such as Health Flexible Spending Account (FSA) or Dependent Care FSA.
5. Indicate the amount you wish to contribute to each account for the plan year or pay period, ensuring it aligns with the maximum allowed limits.
6. Complete the section about compensation reduction, specifying the amount you want to reduce your salary in order to contribute to the accounts.
7. Review your entries for accuracy and completeness.
8. Sign and date the form, and submit it to the designated HR personnel or through the provided submission method.

Who needs REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

1. Employees participating in employer-sponsored reimbursement accounts.
2. Individuals seeking tax advantages through flexible spending accounts.
3. Anyone looking to manage healthcare or dependent care expenses through pre-tax contributions.

For pdfFiller’s FAQs

What is REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

The Reimbursement Accounts Election and Compensation Reduction Agreement is a document used by employees to elect participation in certain pre-tax reimbursement accounts, such as health care and dependent care flexible spending accounts (FSAs). It allows employees to agree to have a portion of their salaries reduced to fund these accounts.

Who is required to file REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

Employees who wish to participate in health care or dependent care flexible spending accounts are required to file the Reimbursement Accounts Election and Compensation Reduction Agreement as part of their benefits enrollment process.

How to fill out REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

To fill out the agreement, an employee typically needs to provide their personal information, indicate the desired contribution amounts for the flexible spending accounts, and sign the document to authorize the payroll deduction.

What is the purpose of REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

The purpose of the agreement is to formalize an employee's choice to allocate a portion of their income towards tax-advantaged reimbursement accounts, thereby allowing them to pay for qualified expenses with pre-tax dollars.

What information must be reported on REIMBURSEMENT ACCOUNTS ELECTION AND COMPENSATION REDUCTION AGREEMENT?

The information that must be reported typically includes the employee’s name, employee ID, account choices, the elected contribution amounts, and the signature of the employee to authorize the compensation reduction.