myHR Archives
myHR: May 28, 2014
Do You Have a Balance in Your FSA?
If you have an unused balance in your Health Care or Dependent Care Flexible Spending Account (FSA), you need to be aware of some important IRS regulations and deadlines. The money you contribute to your FSA during each plan year can only be used for expenses incurred within certain dates, as shown below. Keep in mind the expenses must be incurred while you’re actively participating in the accounts. For more details on FSAs, including listings of eligible expenses and instructions on how to file a claim, click here.
Health Care FSA
If you have a balance in your Health Care FSA at the end of the plan year, up to $500 of unused funds will automatically roll over to the next plan year. Any balance above $500 will be forfeited. Expenses must be incurred by June 30, 2014 to be applied to your 2013-2014 plan year account, and those claims must be submitted by September 30, 2014.| Plan Year | Account Type | Time Frame to Incur Expenses | Balance Rollover | Claim Submission Deadline |
| July 1, 2013 – | FY14 Health Care | July 1, 2013 – June 30, 2014 | Up to $500 automatically rolls over* | Sept. 30, 2014 |
| July 1, 2014 – | FY15 Health Care | July 1, 2014 – | Up to $500 automatically rolls over* | Sept. 30, 2015 |
*If you switched medical plans to the Aetna High Deductible Health Plan (HDHP) with Health Savings Account (HSA) for plan year 2014-2015, it’s important to note that you cannot participate in both a Health Care FSA and the HSA at the same time. You must incur and be reimbursed all the Health Care FSA funds in your account prior to June 30, 2014 or you will not be eligible to open an HSA during the 2014-2015 plan year. This means you will not be eligible for the Penn HSA contribution or be able to make your own contributions to the HSA for the entire plan year.
Dependent Care FSA
If you have a balance in your Dependent Care FSA, make sure you use it—or you’ll lose it. IRS regulations require you to use the full balance in your account each plan year. Otherwise you lose that unused money. However, you have an extended period of time to use up your balance each plan year. Expenses incurred through September 15, 2014 can still be applied to your 2013-2014 plan year balance, as long as the claims are submitted by September 30, 2014.
| Plan Year | Account Type | Time Frame to Incur Expenses | Balance Rollover | Claim Submission Deadline |
| July 1, 2013 – | FY14 Dependent Care | July 1, 2013 – | No rollover allowed | Sept. 30, 2014 |
| July 1, 2014 – | FY15 Dependent Care | July 1, 2014 – | No rollover allowed | Sept. 30, 2015 |
Beyond the Myers-Briggs Type Indicator Label
The Myers-Briggs Type Indicator (MBTI) test has been used for so long that its 16 personality type acronyms have turned into popular buzzwords. Often people say, “I’m an ENFP!” or “I’ll bet he’s an ISTJ.” But what do these letters really mean for your career? Your MBTI personality type is more than a four-letter label; your Myers-Briggs type can help you understand how you take in information, make decisions, and approach the world.
On July 16, from 9am to 12pm, Enhancing Your Career Through Myers-Briggs (MBTI) will take you beyond the personality labels. In this interactive program, you’ll learn to understand your unique style and how it can shape your professional goals. When you register for this course, you’ll get access to an official online MBTI test to take before the class meets. Once you complete this assessment, you’ll be ready to analyze your results in class. The seminar covers the different aspects of your personality type, how it relates to others, and how to make the most of your individual characteristics for on-the-job success.
Click here to register for Enhancing Your Career Through Myers-Briggs for a deeper look inside your personality and work style. Your department will be charged a nominal $75 fee when you register.
For information on other professional and personal development opportunities, visit the Learning and Development website.
Penn’s Career Coaching for Staff at Every Level
No matter where you are in your career, Penn’s coaching services can help you advance to the next stage. If you’re looking for greater challenges in your current job, considering a new role, or even a new field, meeting with a professional advisor is a smart place to start. Penn’s free and confidential career coaching provides self-assessment tools, job search advice, and one-on-one coaching sessions to support your professional development.
“We’ve helped staff refine and polish their resumes and cover letters, refresh their interviewing skills, and identify individualized career management strategies,” says Tom Sontag, Executive Director of Penn Human Resources Learning and Education. Here, Tom shares a few real-life examples of how coaching has helped Penn staff members.
- “Emma” had 2-3 years of experience in an entry-level position and wanted to advance in her career. We helped her revise her resume and create a professional development plan to build the skills needed for the next step of her career.
- “Raj,” a mid-career staff member, wanted to apply for a particular position. We helped him update his resume, develop a portfolio of work samples that showed off his skills, and—because he felt “rusty” with giving interviews—we also provided a practice interview based on the job he was applying for.
- “Carmen” was retiring and looking for a “second act.” We helped her identify a potential new career path, develop a networking plan, and refresh her resume.
This small sample highlights just a few of the many coaching services available. For details, visit the Career Coaching web page. The career coaching benefit is available for full- and part-time Penn staff who have been in their current position for at least one year.
So reach for your personal best with support from Penn Career Coaching. To make an appointment with a professional career coach, complete and submit a secure online appointment request.
Did You Know?
If you plan to adopt a child or you’ve recently finalized an adoption, learn how Penn’s Adoption Assistance program can help. You may be eligible for reimbursement of up to $5,000 of adoption expenses such as attorney’s fees and travel costs.