Savings

Savings

Commuter Benefits

Wex Health Benefits | Phone: (866) 451-3399 | Wexinc.com

Employees in the Bay Area and Chicago Metropolitan Area have access to the commuter benefits program, which allows employees who commute to and from work to set aside pre-tax funds to pay for their work-related mass transit and parking expenses. Eligible expenses for the transit benefit include transit passes, fare cards, ticket books, and vanpool expenses.

You may start and stop your elections anytime during the year,  just submit a HR Ticket with directions to stop or start your contributions with the per pay check amount.

You may deduct pre-tax money from your paycheck to pay for commute-related expenses which reduces your taxable income. The maximum contribution is:

  • Transit: $270 monthly
  • Parking: $270 monthly

Flexible Spending Accounts (FSAs)

Save Money by Planning Ahead

Flexible Spending Accounts (FSAs), allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses. As an eligible employee, you may choose to enroll in one or both Flexible Spending Accounts. Each year, you must elect the annual amount you want to contribute to each account. Your contributions will be deducted pre-tax from your paycheck which can help reduce your taxable income.

View the FSA Welcome Letter.

FSA Fine Print

  • All expenses for the Health Care and Dependent Care, Flexible Spending Accounts must be incurred during the plan year: January 1 through December 31.
  • The IRS has a strict “Use-It or Lose-It” rule for FSAs.
  • At the end of the calendar year, participants can roll over up to $550 of unused health care funds. funds above this amount will be forfeited.
  • Once you enroll in the FSA, you can only change your contribution amount if you experience a qualified status change.
  • You must re-enroll in the FSA every year
  • Each account functions separately. You cannot fund from one FSA to another.

Health Savings Account (HSA)

An HSA offers the opportunity for you to set aside tax-free* money to pay for out-of-pocket health care expenses. Since the HSA is your bank account, the unused funds roll over year to year. If you leave the company, the account goes with you. HSAs are also a great retirement savings account. You can contribute up to the annual IRS maximums (including the age 55+ catch-up contributions) with pre-tax dollars to pay for health care after you retire.

View the Optum HSA User Guide.

Health Spending Account

OptumBank | Phone: (800) 791-9361 | www.optumbank.com

Coverage Type

2021 Maximum Contribution Limit
Rimini Street HSA Contribution
Employee Maximum Contribution
Individual Coverage (employee only)
$3,600
$1,500
$2,100
Family Coverage (employee + 1 or more)
$7,200
$2,500
$4,700
Age 55+
Additional $1,000
Rimini Street will contribute to your HSA at the beginning of the year or when you become eligible. Rimini Street contributions to the HSA are pro-rated based on your effective date on the HSA plan. Mid-year hires will have their contributions pro-rated.

401(k)

Rimini Street's 401(k) Savings Plan

Rimini Street’s 401(k) Savings Plan helps you set aside money for the future to help you meet your retirement goals. The 401(k) Plan administered by Fidelity offers a variety of investment options. Rimini Street generously matches 100% of each dollar you contribute up to the first 4% of your annual compensation after a year of service.

Don’t forget that if you participated in another employer’s plan during the calendar year, you will need to report your year-to-date contribution amounts to help prevent you from exceeding the IRS limits for the calendar year.

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