Specifications include, but are not limited to: 1. Offeror should agree to provide written materials explaining the plans available. Supplies of these materials shall be available for open enrollment periods and throughout the year as needed. Approximately 5,000 sets of material will be required per fiscal year. This number takes into consideration open houses during open enrollment and new hire enrollments throughout the year. The material shall be submitted to and approved by the Director of Employee Benefits prior to publication. The information should reflect the rules of the University’s Section 125 Plan Document. The materials appearance should also be customized to be identified as a University of Kentucky Document. 2. “Open Houses” (information sessions) will be scheduled for specific times, dates, and places during periods of open enrollment. Generally, about ten (10) open houses are scheduled during open enrollment. Offeror should give the names and title of persons who will be available to attend these open houses. The person or persons should be familiar with the plans and should be available to answer employees’ questions about the offered plans. The University may or may not require this service. 3. The open enrollment period for the FSA Program shall correspond with the open enrollment period of other University benefits. Open enrollment is normally a twenty-one (21) day period that occurs during the months of April and May. The Offeror should be prepared to accept enrollment forms in an electronic file format at this time and be prepared to administer the plan effective July 1, 2024. Offeror shall agree in its response that no solicitation materials from the Offeror will be sent to plan participants without the prior approval of the University’s Director of Employee Benefits. Further, the Offerors agree that mailing name and address information shall not be shared, sold or otherwise provided to another company for any purpose, either during the contract period or at any time in the future. 4. Offeror is responsible for flexible spending accounts administration as follows: a. Maintain an individual bookkeeping record of each flexible spending account—health care and dependent care---in which an employee elects to participate. Contributions will be posted to these accounts periodically from information provided from the University’s payroll process. b. Receive request for payments from participants who submit request form(s) or claims via other available means, along with necessary documentation. Requests must be validated to ensure (1) proper documentation is attached, (2) expenses are eligible for reimbursement, and (3) the expenses were incurred during the plan year, or applicable plan year grace period, the employee was a participant in the applicable account. c. Make payments for qualified requests as follows: • For medical spending account, up to the annual coverage amount elected by the employee. • For dependent care spending account, up to the balance in a participant’s account. Any unpaid or partially paid dependent care spending account requests must be carried forward and paid in future payment processing as additional deposits are made during the plan year. 5. Allow and make corrections to a participant’s account in the event that erroneous transactions are posted to it. Audit reports must be produced on all transactions posted to the participant’s accounts. 6. Provide monthly management reports to include: (1) summary of the activity for each participant’s account for the month and the plan year, and (2) report of all pending (unpaid and partially paid) requests. Provide quarterly participant statements needed for a summary of the activity for the quarter and plan year for each account in which the employee participates. Annually, provide required information on the amount paid into the dependent care account during each calendar year. Once all payments have been processed for a plan year, provide forfeiture report (remaining balances in participants’ accounts).
