Texas Tomorrow Funds
Texas residency and/or U.S. Citizenship rules apply. Employees who choose to participate in the Texas Tomorrow Funds have the following options:
Texas College Savings Plan
The Texas College Savings Plan is a qualified 529 savings plan offered through the State. Managed by OFI Private Investments Inc. (OFIPI), a subsidiary of Oppenheimer Funds Inc., the plan offers 20 different investment portfolios, tax-free growth of your investment and tax-free withdrawals on earnings used for qualified higher education expenses. New applications and investments in the plan are accepted year-round and is still available to employees, but not as a payroll deduction. For more information visit: https://www.texascollegesavings.com.
Texas Tuition Promise Fund
Lock in tomorrow's college tuition costs today. The Texas Tuition Promise Fund will give you an important opportunity to prepay and save for your child's future education at any accredited public and private junior/community college as well as 4-year colleges and universities throughout the country. The Texas Tuition Promise Fund is a Section 529 prepaid tuition plan. The enrollment period starts September 1 of each year and continues through the end of February the following year. Enrollment for newborns or children less than one year has been extended to July 31, 2011. The length of future enrollment periods may change. For more information visit: https://www.texastuitionpromisefund.com.
TexFlex Reimbursement Accounts
All TDCJ employees are eligible to participate in TexFlex Flexible Spending Accounts. The employee elects participation amounts for reimbursement accounts up to specified limits. The selected amount is deducted from gross pay prior to social security and federal withholding taxes. TexFlex elections will automatically renew each September 1st unless election is revised during Summer Enrollment.
Flexible Spending Account - Health Care
The minimum contribution is $15 per month and the maximum contribution is $416 per month or $5,000 per year. Contribution binding for plan year.
Flexible Spending Account - Day Care
TexFlex provides options to pay eligible dependent care expenses, with salary dollars untaxed by FICA or federal withholding.
The minimum contribution is $15 per month and the maximum contribution is $416 per month ($208 per month for employees who are married and file separate returns).
TexFlex funds may be used for eligible health and dependent care expenses incurred during the plan year, September - August with an additional grace period through November 15. Claims for expenses incurred by November 15 must be submitted for reimbursement by December 31 of each year.