TAX SAVINGS PLAN BENEFITS
ISLAND FLEX – Flexible Spending Accounts Plan
The Island Flex Plan is an employee benefit program that provides employees with a way to pay for their eligible health care expenses and dependent care expenses with TAX FREE money. By directing “before tax” money from the employee’s paycheck into one or both of these accounts, they can put up to 41% of the money they are spending on eligible expenses back into their pocket. For many State employees, Island Flex is a great way to turn certain out-of-pocket medical, dental, drug, and vision expenses and dependent care expenses into tax savings and greater spendable income.
For more information, please visit the website of the plan’s third-party administrator, Comprehensive Financial Planning, Inc. at: http://www.CompFinPlan.com
PREMIUM CONVERSION PLAN
The State’s Premium Conversion Plan (PCP) provides an opportunity to most employees who are health care plan participants to save some tax dollars and make the most of their paychecks. An employee of the State who is enrolled in any health care plan offered through the EUTF that qualifies under the PCP Rules may have their income taxed after their health care plan contributions are deducted, so their take-home pay should be greater than if they do not enroll in the PCP.
To see a brochure that answers the more commonly asked questions about PCP, click on the link below:
To download a copy of the Premium Conversion Plan Election Change Form, click on the link below:
Click on the link below for a form to request PCP coverage for a qualifying domestic partner:
QUALIFIED TRANSPORTATION FRINGE BENEFITS
These are tax-savings benefit programs authorized under the Federal Transportation Equity Act for the 21st Century, Section 132(f) of the Internal Revenue Code. This Act allows employees to pay for qualified transportation expenses through pre-tax payroll deductions.
Flex Park Program
This benefit program enables State employees of the Executive Branch to have eligible parking fees payroll deducted before Federal, State, and FICA taxes are calculated. Eligible parking fees are those for parking assignments in a lot administered by the Department of Accounting & General Services.
To see a brochure with more details on the Flex Park Program, click on the link below:
Click on the following link to view the Policy Guidelines for Qualified Transportation Fringe Benefit Plan:
Pre-Tax Transportation Benefit Pilot Program
This benefit program enables eligible Oahu employees of the State Executive Branch to purchase monthly bus passes for TheBus, fare coupons for TheHandi-Van and pay vRide (formerly known as Vanpool Hawaii) participation fees through payroll deductions taken prior to Federal, State and FICA taxes being computed.
NOTE: If you are an employee of the University of Hawai‘i, information regarding the University of Hawai‘i Pre-Tax Bus Pass Program can be found on the University’s website at the following link: