Some Tax-Related Year-End Reminders
To All Faculty and Staff:
Imputed Income
Please be advised that if your Basic and/or Supplemental Group Life coverage exceeds $50,000, IRS regulations dictate that the premiums paid by an employer for this coverage be reported as additional W-2 income. Box 13 of Form W-2 will contain the amount reportable as additional income, which is based on IRS tables identifying different premium amounts for different age groups.
Flexible Spending Accounts
Due to the holiday season, the University's Pretax Health and Dependent Care account carrier, Eastern Benefit Systems, Inc. (EBS), will be processing the remainder of November and the December reimbursements on:
- November 23
- December 10 and 21
EBS requests that you submit your claims for reimbursement at least five business days before the payment processing date for timely payment. When contacting Eastern Benefit Systems, Inc. by telephone at 1-888-PENNFLX (736-6359), remember to dial extension 213 (Keisha Webb) or extension 248 (Ellie Chanco).
Pretax Healthcare and Dependent Care account claim forms may now be downloaded from the Human Resources home page, located at http://www.hr.upenn.edu/.
Address Change
If you have moved, please be sure that you have notified your department's business administrator of your new address. This is necessary in order to ensure that time-sensitive correspondence from the University reaches you in a timely manner.
--Division of Human Resources
Almanac, Vol. 45, No. 12, November 17, 1998