Dependent Care Reimbursement Plan Funding Options Checklist

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Here are some possible funding options for a Dependent Care Reimbursement (DCR) Plan:

1. Employer Contributions: Company funds contributed to the plan can be used to reimburse employees for dependent care expenses.
2. Employee Contributions: Employees may contribute pre-tax dollars to the plan through payroll deductions or other means.
3. Catch-up Contributions: Allow older employees to make additional contributions to the plan on a tax-favored basis.
4. Profit-Sharing: Employer profits can be allocated to the DCR Plan, providing a potential source of funding.
5. 401(k) Rollover: Employees may roll over 401(k) or other qualified plan assets into the DCR Plan, using those funds for dependent care expenses.
6. ESOP Contributions: Employer contributions to an Employee Stock Ownership Plan (ESOP) can be used to fund the DCR Plan.
7. Tax-Deferred Investments: Invest plan assets in tax-deferred investments, such as stocks, bonds, or mutual funds, to grow the plan's value over time.
8. Roth 401(k) Contributions: Employees may contribute after-tax dollars to a Roth account within the DCR Plan, which can be used for dependent care expenses.
9. Corporate-sponsored Programs: Participate in corporate-sponsored programs, such as education or child-care reimbursement plans, that offer funding options for employees.
10. Third-Party Funding: Consider partnering with third-party vendors who provide funding options specifically designed for DCR Plans.

By implementing a Dependent Care Reimbursement Plan Funding Options Checklist, your organization can:

• Enhance employee benefits offerings and competitiveness in attracting and retaining talent • Promote work-life balance and support employees with caregiving responsibilities • Increase productivity and reduce turnover rates by alleviating financial burdens associated with dependent care • Encourage employees to contribute to their own health and wellness by offsetting expenses for childcare, adult daycare, or other dependent care services • Provide tax benefits for both employees and employers through the reimbursement of eligible expenses • Offer flexibility in plan design and funding options to suit your organization's specific needs and budget

1. Employee Contributions
2. Employer Matching Contributions
3. Fixed Reimbursement Amounts
4. Percentage-Based Reimbursement Amounts
5. Dependent Care Spending Accounts (DCSAs)
6. Flexible Spending Accounts (FSAs)