HR Fast Facts: What Happens to my LPFSA Funds When Employees Leave Company?
Once your employment ends, you won’t be able to spend your LPFSA funds, but you do have 90 days to submit claims for LPFSA eligible expenses that you incurred while employed and during the current plan year.
Once your employment ends, you won’t be able to spend your LPFSA funds, but you do have 90 days to submit claims for LPFSA eligible expenses that you incurred while employed and during the current plan year. Any unused money remaining in your LPFSA at the end of the plan year is returned to your employer. If you’re called to active military service during your LPFSA plan year, you’ll be able to cash out your LPFSA balance.
Multiple reimbursement claims can be submitted at the same time as long as all required documentation is supplied.
