I signed up for a "cafeteria plan" that I never used.What happens to that money now that no longer work there?

Question

The "cafeteria plan" was offer in an office memo. I signed up for it not completly knowing how to use it, and it was never explained how. Monies have been taken out for this since 2003 and I have NEVER used it. I am no longer employed by this company as of Sept 2006. Is there any way to get these funds back?

Answer 1

Most cafeteria plans are "use it or lose it" by the end of that calendar year. Unless there was something weird about it, you're not going to get any money back.

Answer 2

The rules for Cafeteria Plan Flexible Spending Accounts state that any money not used is kept by the employer. This should have been an annual election on whether or not you wanted to participate. I can't believe that if you didn't use any money in 2003 that you would have elected to continue particpation.

Additional info: Health Savings Accounts area totally different topic. You would have to be enrolled in a qualifying health plan with an up-front deductible before you can put money into a Health Savings Account. Don't bother the HR people because HSAs were not available anywhere until 2004, at the earliest.

Answer 3

Most (not all) "cafeteria plans" are Flexible Spending Accounts.

If this is true for your cafeteria plan, not only would you not be entitled to any money after leaving the company, the money doesn't even roll over from year to year. (That's why they call it "use it or lose it" and there's a big rush to use it all up toward the end of the year.)

Some of the newer plans are based on Health Savings Accounts. These work similarly; however, the money does roll over from year to year and, even more importantly, you can keep it no matter where you work.

You would have to ask some questions of the HR dept. of your former employer to find out for sure. The link listed shows the rules for each type of savings account.

Answer 4

probably not. It's like if you bought tickets to a concert and 3 years later you decided that since you were sick and didn't go you deserve your money back.

That's a lesson for you for the future: Never put your money into something you don't fully understand.

Answer 5

your former employer loves you.... I always thought they were called cafeteria plans because you got the employers bad food the employer got your money, and the food never set right.....and you were still stuck in the building!!!

Just... dayum