Benefits Questions Coming In

Hello gang – lots of news, busy day and not much time to post.  But look at some of the comments and you will see benefits questions coming in.  Most of them are in the vein of “if the firm shuts its doors,” or “when the firm dissolves” . . . 

One question has to do with Flexible Spending Accounts and if you have money sitting in those accounts whether or not you need to hurry up and spend it before the firm closes or before you leave the firm.  

I am not a benefits expert and I will try to see if I can get some “official” info from Heller, but in the meantime here is a link to an IRS publication, 1.125-2, with some FAQs and answers concerning cafeteria plans and issues/questions.

Also, if you have an outstanding 401k loan, there may be issues involved with having to pay back that money.  From what I am seeing at the Vanguard site for the HE LLP 401(K) RETIREMENT SAVINGS AND PROFIT SHARING PLAN:

Options at job termination or death
  • Lump sum payment.
  • Default.
  • If you are terminated, you will need to pay off any outstanding loan balance directly with Vanguard. Complete the Loan Payoff form returning the form and Loan Payoff check to Vanguard directly at one of the below addresses:


4 Responses to “Benefits Questions Coming In”

  1. 1 an ex 18 September 2008 at 7:06 pm

    i am a former employee who left his money in the heller 401k after leaving his job. it’s still there, so fearing the worst, i called vanguard today to see what my options are. the guy on the phone assured me that, even if the firm closes, i can safely leave my money where it is. in a post-heller world, vanguard will simply take over management of the plan, which will continue to accrue (or lose!) market value. all the rules, however, remain in place: we won’t be able to make new contributions, or choose different funds not on the list. you can also turn it into a IRA or whatever, of course. but if you aren’t yet sure exactly what to do just yet, at least you don’t need to freak out.

  2. 2 Legal Secretary 19 September 2008 at 9:33 am

    Last night when I tried to pay for a medical prescription with my Mediflex card, the card was refused – despite the fact that I still have money in the account.

    The woman at the pharmacy then remarked that earlier in the day others with my same card – a Mastercard ‘WageWorks’ – had been refused as well. “Must be something wrong with your card, lady.”

    Has anyone else had this problem?

  3. 3 hellerdrone 19 September 2008 at 10:03 am

    Legal Secretary

    This is a serious issue, not just for you but for everyone if the matter involves Heller rather than Wage Works.

    Can someone please, please, please confirm this? Or do I need to call up WageWorks?

    Heller Drone
    Cruise Director with a heavy clipboard

  4. 4 hellerloyal 19 September 2008 at 10:24 am

    I would suggest calling the benefits folks. I had this happen before, but it was because I had expenses on the card that I had not sent in documentation for. If those unverified expenses exceed 50% (or something like that) of your available money, they will shut off your card until you send them the info they are requesting. This may not be the case for you – but you should check before you panic or cause others to unnecessarily.

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