Employers' Pensions and Benefits Administration Manual (EPBAM)



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Tax$ave: Flexible Spending Accounts (FSA)

There are two Flexible Spending Accounts offered to State employees eligible for Tax$ave: Unreimbursed Medical Spending Accounts (UMSA) and Dependent Care Spending Accounts (DCSA).

Enrollment for both these accounts is permitted during the State Open Enrollment period in October of each year.  All enrollments take effect for the following calendar plan year. 

Generally, FSAs allow employees to reduce their federal tax liability each year by having before-tax money deducted from each paycheck, which becomes available for reimbursement for certain eligible expenses.  The before-tax status of money deducted for a FSA is maintained even after the member is reimbursed.

These accounts are administered for the State of New Jersey by Fringe Benefits Management Company (FBMC). 

For further information: FBMC's is available through a link from the Pensions and Benefits' Web site at http://www.state.nj.us/treasury/pensions or directly at: https://www.myFBMC.com

Fact Sheet #44, Tax$ave, and the annual Tax$ave Open Enrollment newsletter, provide additional information about the UMSA and the DCSA.




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Last Updated: July 12, 2012