FLEXIBLE BENEFITS PLAN

St. Petersburg College’s Flexible Benefits Plan takes advantage of tax benefits available through the Internal Revenue Service Code Section 125. The plan give employees a choice of benefits as well as the ability to pay for some benefits on a pre-tax basis and as a result, to reduce their taxable income.

If you participate in the Flexible Benefits plan, payroll deductions for the coverage elected, (i.e., medical coverage, dental coverage, vision coverage, disability insurance and optional life insurance – up to $50,000), are deducted from your gross salary – before federal income and social security taxes are taken, thereby saving you money.

Participation in a Flexible Benefits Plan restrict the times and circumstances under which you can terminate this coverage. If you are paying for a coverage with pre-tax dollars, changes can only be made when you have a change in family status, such as marriage, divorce, birth or adoption of a child, death of a spouse or child, or change in your spouse’s benefit eligibility or employment status. Changes must be made within 30 days of the qualifying event or you may not make these changes until the next Open Enrollment period.