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NEWS FLASH...More money for dependent care in 2006
PEF and the state have agreed to boost the state subsidy in 2006 for PS&T employees participating the Dependent Care Advantage Account
(DCAAccount).
This agreement raises the subsidies above the rates for 2006 published in the 2003-07 PS&T contract and
reported in the September issue of The Communicator.
The DCAAccount allows employees to save money on dependent care expenses in two ways by paying for them with pre-tax dollars, and by receiving state subsidies.
If you pay someone to care for your child, elderly parent, or disabled spouse in order to work, you can set aside up to $5,000 in pre-tax salary through payroll deduction to help pay for these expenses.
The states contribution depends on how much you earn the lower your annual state pay, the more you get for dependent care.
The new agreement sets those state contribution levels at the following amounts, if you earn:
Less than $30,000, you get $700;
$30,001 to $40,000, you get $600;
$40,001 to $50,000, you get $500;
$50,001 to $60,000, you get $400;
$60,001 to $70,000, you get $300; and
More than $70,000, you get $200.
Reimbursable expenses include child care expenses (up to age 13), summer day camp, before/after school programs, adult day care, home aide, and housekeeper or cook (these last two must provide custodial care to be considered eligible expenses).
Be sure to estimate your dependent care expenses for next year very carefully, because any money left in the account after all of your 2006 claims are processed will be forfeited.
Enrollment is voluntary, but does not automatically rollover. Even if you are already enrolled for 2005, you must enroll for the 2006 program by November 10. You may either enroll on-line at
www.flexspend.state.ny.us meetings about the program will be held this fall in Albany and Manhattan. You must pre-register to attend these sessions, and have a valid NYS ID.
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