Flexible Spending Account (FSA) Amount is Prorating Over Full Year Instead of Remaining Payroll Periods if Enrolling Mid-Year
Last updated on NOVEMBER 17, 2016
Applies to:Oracle Advanced Benefits - Version 126.96.36.199 and later
Information in this document applies to any platform.
FORM:BENEFXEB.FMB - Flex Program Enrollment
FORM:BENENFEB.FMB - Non-Flex Program Enrollment
The Flexible Spending Account (FSA) amount is prorating over the full year instead of the remaining pay periods when enrolling mid-year.
Employee (Participant) coverage for the Flexible Spending Account begins on a date during the course of the year (other than January 1).
The amount entered for FSA should pro-rate for the remaining number of pay periods in the year.
In this example, the employee coverage for FSA begins August 1st and the employee is attached to a biweekly payroll cycle. An annual amount of $1800 is entered.
- Calculated monthly defined amount populates at $150 (which is $1800/12) instead of $360 ($1800/5 full remaining months).
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