Laserfiche WebLink
PLEASE NOTE: The DCA universal checking account is set up <br />exclusively for paying claims. As soon as the bank—First Bank <br />Minneapolis—receives your employer deposit or wire transfer, DCA <br />is notified and participant checks are released immediately. DCA <br />does not earn any interest on money transferred to the account and <br />does not have access to the funds in any way except to pay <br />participant claims. The advantages of the universal checking <br />account to the plan sponsor are that DCA will reconcile the <br />account transactions and will provide the check stock. <br />At the end of each plan year, DCA will prepare an individual <br />report for each plan participant showing all of the activity in <br />his or her account during the year and the amount of his or her <br />ending balance (forfeiture), if any. In addition, for calendar <br />year plans, the December 31 summary report produced by DCA should <br />aid the plan sponsor in preparing the dependent care account <br />contribution section of participants' W-2 forms. If the plan year <br />is not a calendar year, the employer will need to track the <br />January 1 - December 31 dependent care account contributions for <br />each participant in order to complete the W-2 forms.