Rip Curl Flexible Benefit Plan
Rip Curl Flexible Benefit Plan
A Flex Plan allows you to pay for:
 Group Health Insurance Premiums
 Certain Medical Expenses
 Dependent or Child Care Expenses
TAX FREE !!!
Rip Curl Flexible Benefit Plan
What do you mean…
TAX FREE?
Rip Curl Flexible Benefit Plan
You can place a portion of your salary
(from each pay period)
into the Flex Plan before:
 FICA (Social Security)
 7.65%
 Federal Taxes
 (Start at 15%)
 State Taxes
 (Approximately 8%)
If you add up all of the taxes taken
out of your paycheck each pay period,
you will see that it is close to
30% - 40%!!
Rip Curl Flexible Benefit Plan
Group Health Insurance Premiums
 Pay your portion of the employer sponsored group
health insurance premium
 You will lose nothing in this plan, you will only save
money
 Don’t forget to sign the enrollment form
Rip Curl Flexible Benefit Plan
Medical Care Reimbursement Account
What’s Reimbursable?
Medical expenses NOT reimbursed by any insurance!!
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Certain “over-the-counter” medications
Chiropractic Care
Massage Therapy/Body Scans
Dental / Orthodontics
Vision
Contact Lens/Solution
Deductibles/Co-payments
Laser Vision Correction
Rip Curl Flexible Benefit Plan
Eligible Expenses
In order to get expenses reimbursed, the expense must be…..
MEDICALLY NECESSARY!!!!
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No Vitamins or Dietary Supplements
No Toiletries/Sundry Items (toothpaste, tissue, etc.)
No lotions, soaps, creams, suntan lotion, etc.
Nothing cosmetic in nature
For more information on qualified expenses, visit us on the web at
www.goigoe.com.
Rip Curl Flexible Benefit Plan
Dependent Care
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Pay for child care / dependent care expenses up
to $5,000 per year
If the dependent is a child the child must be under
the age of 13
If the dependent is over the age of 13, they must
be physically or mentally incapable of taking care
of themselves
Must provide taxpayer ID# or SS# of person or
organization providing care
Visit us on the web at www.goigoe.com for more
information on Dependent Care, in addition to a sample
Dependent Care Receipt
Rip Curl Flexible Benefit Plan
Plan Specifics
 Plan year begins March 1, 2007 and ends
February 28, 2008
 Plan Year Medical Maximum:$2,500.00
 Plan Year Dependent Care Maximum: $5,000.00
 Reimbursement Requests will be processed
every other Monday (same week as payday) and
will be added to your paycheck.
Rip Curl Flexible Benefit Plan
Submitting In A Request For Reimbursement
 Fax, Mail, or e-mail copies of receipts to
 Must be received 4 FULL business days prior to processing
 General Rule of Thumb – submit your requests on payday for
reimbursement on the following paycheck
 Receipts must show date of service and the description of the service
that was provided
 Charge card or cash register receipts, or cancelled checks (without
detailed description) are not acceptable
 Balance due statements (without detailed description) will not be
accepted
 If your request form is filled out incorrectly, or receipts and
proper documentation are missing, a letter will me emailed to
you explaining why your request is being denied.
Rip Curl Flexible Benefit Plan
Can I stop or change
contributions during the plan year?
 NO, unless there is a…
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Marriage
Divorce/Legal Separation
Birth
Death
Adoption/Change in Legal Guardianship
Change in spouse’s job
Change in spouse’s insurance
If you have questions about a possible qualifying event, please
contact your Human Resources Department or visit our website,
www.goigoe.com
Rip Curl Flexible Benefit Plan
How do I join the plan?
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Determine if you are an eligible employee
Estimate your non-covered expenses
Complete the enrollment form
Complete the Evergreen Election Form
Rip Curl Flexible Benefit Plan
What if I don’t use
all the money I put into the plan?
You lose it!!
 Don’t let this happen to you!!
 Only put in money for your planned
expenses
 Use the worksheet provided on our
website, www.goigoe.com, or in your
enrollment packet
Rip Curl Flexible Benefit Plan
Rip Curl Flexible Benefit Plan
Flex vs. No Flex
(1)
(2)
Before Flex
With Flex
Gross Pay
$32,000
$32,000
Pretax Expenses (1)
$0
$2,000
Taxable Gross
$32,000
$30,000
Taxes (2)
$9,600
$9,000
Net Pay
$22,400
$21,000
Reimbursable Expenses
$0
$2,000
Spendable Income
$22,400
$23,000
Group insurance premiums, unreimbursed medical expenses, and child care
expenses
Estimated FICA, Federal Income Tax, State Income Tax (30%)
Rip Curl Flexible Benefit Plan
Visit us on the web @
www.goigoe.com
 Download forms and worksheets
 Access lists of covered/non-covered expenses
 Medical Care Reimbursement Account
 Dependent Care Reimbursement Account
 Direct link to the I.R.S. for complete technical information
 Submit questions and receive expert answers
 Check Flexible Benefit Plan account balance/s 24/7
 Track all requests and reimbursements
 Visit the FSA Online store to purchase OTC items with your Debit Card.
All transactions are approved at point of sale. That means NO receipt
substantiation!!!