Connecticut Senate Bill SB00360

Connecticut 2010 Regular Session

• Introduced: 2/26/10
• Refer: 2/26/10
• Report Pass: 3/25/10
• Refer: 4/6/10
• Report Pass: 4/13/10
• Refer: 4/21/10
• Report Pass: 4/23/10
• Report Pass: 4/28/10

Caption

An Act Concerning Flexible Spending Accounts.

Impact

The passage of SB00360 is likely to improve the operational efficiency of FSA programs, as it provides a structured way for the state to manage funds associated with these accounts. By ensuring that savings and forfeitures are utilized for program costs, it is expected that the financial resources allocated towards administration of FSAs will become more sustainable. Thus, this could result in better service delivery for employees participating in these spending programs, ultimately enhancing their overall financial wellbeing.

Summary

SB00360, titled 'An Act Concerning Flexible Spending Accounts,' was introduced to enhance the management of flexible spending accounts (FSAs) within state administration. The bill mandates that the State Comptroller should regularly transfer amounts reflecting actual or projected savings from employee participation in FSAs from the Employers Social Security Tax account. Additionally, any forfeitures arising from these accounts would also be transferred to a restrictive grant fund set up specifically for covering administrative and program costs associated with FSAs.

Sentiment

The sentiment regarding SB00360 appears broadly supportive among stakeholders who recognize the importance of flexible spending accounts in facilitating employee benefits. By providing clarity in fund management, the bill has garnered positive responses, especially from groups advocating for improved employee financial options. However, there may be minor concerns regarding the administrative capabilities of the State Comptroller's office to handle the additional responsibilities effectively.

Contention

While SB00360 does not seem to have any major points of contention, some discussions may arise around the effectiveness of the fund management procedures it establishes. Stakeholders might express concerns regarding the adequacy of oversight to prevent misuse of funds or ensure that the savings generated are adequately reinvested into the programs. However, these concerns appear to be minor in relation to the broader agreement on the benefits of enhanced flexible spending account management.