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From HR: annual flex-plan report

June 22, 2011 at 10:55 am

This is a summary of the annual report (Form 5500) for the Beloit College Flexible Compensation Plan, a health "flexible spending arrangement" maintained by Beloit College c/o Board of Trustees, for the Plan Year ending December 31, 2010.

The plan is an employee welfare benefit plan governed by the Employee Retirement Income Security Act of 1974 (ERISA). The Form 5500 has been filed with the Employee Benefits Security Administration as required under ERISA.

Under the Plan, the Employer has committed itself to reimburse participating employees for their incurred medical expenses that are not paid by insurance.

Basic Financial Statement

Because the reimbursements are treated as paid solely from the general assets of the employer, the plan is exempt from reporting financial information.

Your Rights To Additional Information

You have the right to receive a copy of the full Form 5500, or any part thereof, on request.To obtain a copy, write or call Attn: Terri Dahl, Beloit College c/o Board of Trustees, 700 College Street Beloit, WI  53511 (608) 363-2630. There may be a nominal charge to cover the copying costs.

You also have the legally protected right to examine the annual report at the main office of the Plan at Beloit College c/o Board of Trustees, 700 College Street Beloit, WI  53511 and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs.  Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

As a participant in the Flexible Spending Account Plans, you have the right to periodically receive plan booklets, summary financial reports, and other plan information. To reduce the costs of printing and distributing this information, this post has been made available. If you would prefer a printed copy of the document, please send a written request to dahlt@beloit.edu and copy will be sent to you.  Covered employees who do not have access to computers at work will receive a printed copy of the document. 

If you have any questions about the plans or your coverage, please call the Beloit College Human Resources Office at ext. 2630.