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coronavirus

COVID-19 RESOURCES FOR FSA EMPLOYEES

COVID HOTLINE:  (631) 632-5000 OPTION #1

NYS Hero Act

Protecting New York Workers from Airborne Diseases

On May 5, 2021, Governor Andrew Cuomo signed the New York Health and Essential Rights Act (NY HERO Act) into law. The law mandates extensive new workplace health and safety protections in response to the COVID-19 pandemic. The purpose of the NY HERO Act is to protect employees against exposure and disease during a future airborne infectious disease outbreak.

The airborne infectious disease exposure prevention plans must go into effect when an airborne infectious disease is designated by the New York State Commissioner of Health as a highly contagious communicable disease that presents a serious risk of harm to the public health.

In accordance with the Act, the link below contains FSA's Plan.

HERO ACT: FSA'S PLAN

 

CARES Act

403B Provisions

The CARES Act allows retirement plan participants to have greater access to their savings if they are impacted by the coronavirus.

An individual must meet at least one of the below criteria in order to be eligible

  • Diagnosed with COVID-19 on a test approved by the CDC
  • Whose spouse or dependent is described as above (a), or who experiences adverse financial consequences as a result of:
    • Being quarantined
    • Being furloughed, laid off or having work hours reduced as a result of the virus or disease
    • Being unable to work due to lack of childcare due to such virus or disease
    • Closing or reduced hours of a business owned by such individual as a result of such virus or disease
  • Other factors as determined by the Secretary of the Treasury or his delegate 

Benefits available under the CARES Act

Coronavirus related distributions

  • The retirement plan withdrawal limit is increased to $100,000 across all plans and IRAs
  • 10% early withdrawal penalty and 20% tax withholding are waived
  • They have the option to have withdrawal income taxed over three years with ability to recontribute within three years regardless of that year’s cap  

Coronavirus related loans

  • Loan limit increased to the lesser of $100,000 or all of the vested account balance
  • Repayments due between the date of CARES enactment (3/27/2020) and year-end can be delayed for one year upon participant request
  • Participants self-certify that they’re impacted 

  For more information, please contact your 403B Vendor

  • TIAA-CREF: 1-800-842-2252
  • Valic: 1-800-448-2542 

Flexible Spending Provisions

Over the Counter Products

The CARES Act permanently reinstated over-the-counter products as eligible expenses for Health Savings Account (HSA), Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) funds without a prescription. This change takes place retroactive to January 1, 2020.

Menstrual care included as eligible

Menstrual care products were added as eligible expenses as part of the legislation. That means employees can now use their HSA, FSA and HRA funds to purchase items such as tampons, pads and menstrual sponges. This change also takes place retroactive to January 1, 2020.

With the above being said, please note, Benefit Analysis, Inc. is working with their benefit card vendor to get the card system updated. Until then, if you pay out of pocket for any OTC products, you can submit them directly to BAI at this time to  info@benefitanalysis.com or through the web portal/app.

Frequently Asked Questions

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