Child Care Voucher Program
The 麻豆精选 child care voucher program is available to benefits-eligible employees (full-time, core, and half time) and faculty (full-time and four-fifths-time) who have child care costs directly related to the employee鈥檚 work schedule. Additionally, the employee鈥檚 spouse (if applicable) must be employed, looking for work, enrolled in school full-time, or have a documented disability that prevents full-time parenting. Newly hired employees can begin participation the month following (after) their date of hire.
For new participants, they must submit a completed application along with a copy of their most recent Form 1040 and copy of the daycare license. Please refer to the Program Guidelines located in the Enrollment Resources section below.
The CCVP benefit plan year enrollment runs from July 1st through June 30th. Current participants must submit a new Program Application and all required documents if there are changes to their child care/daycare provider or changes to their dependent's status. The monthly payment process is outlined in the Program Guidelines located in the Enrollment Resources section below. In the case of two Loyola employees who are parents to the same child, reimbursements will be given to one employee on behalf of the family.
The Internal Revenue Service determines the maximum allowance for dependent care assistance programs sponsored by employers. If you participate in both the Dependent Care FSA and the Child Care Voucher Program, coordinate your Dependent Care FSA annual election with your total calendar year anticipated Child Care Voucher reimbursement amount to ensure you do not exceed the $5,000 calendar year maximum allowance. If the combined total of the Dependent Care FSA annual election and Child Care Voucher reimbursements for the calendar year reaches the $5,000 maximum before the end of the year, all Child Care Voucher reimbursements will cease immediately. Generally, it is not permissible to reduce the Dependent Care FSA annual election in the middle of the plan year without a qualified change-in-status event therefore the CCVP payments received may become taxable. Coordination with Child Care Voucher reimbursements or a change in tax treatment are not qualified change-in-status events.