The amount of the contribution is deducted from the employee's base pay and is not currently subject to federal and state income taxes. Neither the Board of Governors nor its representatives recommends or assumes responsibility for the performance of any company offering TDA programs to College employees. See Appendix D . The amount determined in the preceding paragraph shall be payable to the employee at the time of retirement as an adjustment to his or her final pay. This payment may be received only once, and is not available to employees discharged for cause.
Employees elect to participate and specify the amount of their contribution during open enrollment.
Once made, benefit elections may not be changed during the plan year unless there is a change in family status or other qualifying event. The IRS imposes additional participation restrictions on both flexible spending accounts. Employees should be aware of their restrictions and should contact either the plan administrator or a tax advisor before enrolling. Additional plan information may be obtained from the Human Resources Benefits Office.