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Pre-Tax Expense Account “Use It or Lose It” Deadline
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September 8, 2009, Volume 56, No. 02

If you have a Pre-Tax Expense Account, remember that September 15, 2009 will be the final day on which you can incur eligible expenses for the 2008-2009 plan year, and you must submit claims for all expenses by September 30. Due to an IRS regulation known as “Use It or Lose It,” if you don’t use the full balance in your account each plan year, you lose that unused money. 

Penn’s plan year runs from July 1–June 30 of each year. The money you contribute to the Pre-Tax Expense Accounts during each plan year can only be used for expenses incurred within certain dates. Keep in mind that the expenses must be incurred while you are actively participating in the accounts.

Visit the Human Resources website at www.hr.upenn.edu/benefits/pretax for more information on the Pre-Tax Expense Accounts including listings of eligible expenses and instructions on how to file a claim. You can also call the Penn Benefits Center at 1-888-PENNBEN (1-888-736-6236), Monday through Friday, 8 a.m.–6 p.m.

Almanac - September 8, 2009, Volume 56, No. 02