Section 125 Flexible Spending Accounts
Victory Capital Management’s employee benefit package allows employees to participate in a Flexible Spending Accounts (FSAs). In 2025, the FSA will be administered by Navia Benefit Solutions. An FSA is a pretax benefit allowable under Internal Revenue Code (IRC) Section 125. The plan allows eligible employees to set aside a specific pretax dollar amount for the unreimbursed medical, dental, vision, orthodontia, and dependent care expenses. If you have predictable out-of-pocket expenses, you may want to consider opening an FSA. In addition, our Plan allows for the pre-tax deduction of Commuter benefits, which include Parking and Transit/Vanpool.
RESOURCES
Employees are eligible to participate in an FSA the 1st of the month following their date of hire. You have the option to open three separate accounts under your FSA:
- A Medical FSA can be elected if you are NOT participating in a High deductible plan and can be used for eligible medical, dental, vision and orthodontia expenses. Examples include:
- Office visit Copays
- Deductibles
- Prescription eyeglasses or contact lenses
- Dental Coinsurance
- A Limited Medical FSA can be elected if you ARE participating in a high deductible plan, such as the Basic or Core HSA medical plans and be used for eligible dental, orthodontia, and vision expenses.
- A Dependent Care Account can be used for custodial expenses for a claimed dependent. Examples include:
- Day care center or babysitter for children up to age 13 to allow you (and your spouse, if married) to work, actively look for work or be a full-time student
- Custodial or elder care
- If you choose to enroll in either of the Medical Flexible Spending Accounts, the annual limit for 2025 is $3,300.
- If you choose to enroll in the Dependent Care Account the annual limit for 2025 is $5,000, per federal guidelines.
COMMUTER BENEFIT
The GoNavia Commuter Benefit allows participants to place orders for their monthly parking and/or transit expenses right through the NAVIA website. The order amounts will be deducted from paychecks pretax and loaded onto a Navia Benefits Card. The Navia Benefits Card can then be used in place of a personal debit or credit card to purchase services at any transit or parking facility that accepts MasterCard. If you choose to enroll in the Commuter – Transit Account, the annual limit for 2025 is $325/monthly.