Third Party Administration Services for Flexible Spending Accounts

The prospective vendor will provide third party administration services for existing flexible spending plans, which include pretax healthcare flexible spending accounts (HCFSA) and dependent care flexible spending accounts (DCFSA), also referred to as 125 plan spending accounts. The scope of work encompasses comprehensive plan administration, from the receipt of employee claims through review, approval, non-discrimination testing, completion and submission of IRS Form 5500, and payment of benefit claims.

Claims are to be approved and distributions processed on a weekly basis. The provider must offer debit card and associated services enabling timely payment of claims to participants within 30 days of the plan's start date and during open enrollment periods. Administrative and reporting systems should be in place to deliver necessary data for payroll and business office accounting functions.

Participants will have web-based access to account information, including details about submitted claims and account balances. The contract will be for a one-year term.