As expenses are incurred, you are reimbursed from the account. Elections must be made annually for a 12-month period. Once the election is made, you may not increase or decrease contributions to your account unless there is a change in family status. This means that any leftover money in your account will be forfeited, so it is important to calculate your anticipated expenses carefully. There is a run-out period, generally until April of the following year, to submit reimbursement claims for expenses incurred during the previous year.
New employees are eligible to establish a flexible spending account immediately.
There is also an annual election period for all employees. The Kennedy Center contracts with COPE, Inc. to provide confidential counseling services to full-time employees and their family members. Brochures may be obtained from Human Resources. Kennedy Center employees and family members may join the credit union. The Kennedy Center offers full-time, regular employees the ability to have their payroll check directly deposited to their financial institution.