The Wisconsin Department of Employee Trust Funds (ETF) has set a minimum annual contribution and account balance for some pre-tax savings accounts to:
- Ensure you are engaging with your account(s) each year
- Prevent accounts with small remaining balances from automatically continuing year to year
- Avoid unnecessary maintenance fees on accounts that are no longer in use
- Reduce confusion, as you may not be aware you still have an account with Optum Financial if you haven’t enrolled or contributed for several years
Accounts Impacted:
- Health Care Flexible Spending Account (FSA)
- Limited Purpose FSA
- Parking account
- Transit account
Minimums
| Requirement | Amount |
|---|---|
|
Minimum Annual Contribution |
$50 each year |
|
Minimum Account Balance for Carryover Only impacts you if you don't reenroll in your account |
$50 |
Minimum Account Balance for Carryover
Reenrolling in Your Account(s)
If you reenroll in your account(s) you will not be impacted by this requirement. All account funds will be available for the next plan year as long as they do not exceed the annual contribution limit.
No Reenrollment
If you do not reenroll in your account(s), any account balances less than $50 will be forfeited.
For account balances greater than $50, your funds will be available for the next plan year. You can access these funds and submit claims through the Optum Financial member portal.
Example of Account Minimums
Maria enrolls in the Health Care FSA and elects to contribute $1,000.
- ✓ This meets the $50 minimum annual contribution
At the end of the year, Maria has $22 dollars in her account.
- If Maria reenrolls for the next plan year:
- She must elect to contribute at least $50.
- The $22 carries over.
- If Maria doesn't reenroll for the next plan year:
- The $22 is forfeited because it’s below the $50 minimum account balance required for carryover.