Overview
MarketAxess offers several tax-advantaged accounts through PNC and encourages you to take full advantage of their money-saving potential. You can enroll as a new hire, during Open Enrollment, or if you have a qualifying life event. To enroll, log in to OKTA to access UKG.
Key features
Tax-free money
Money goes in tax-free* and comes out tax-free when it’s used for eligible expenses.
Convenient payroll deductions
Contribute to your accounts effortlessly.
Helpful budgeting tool
Plan for upcoming expenses by setting aside money each paycheck.
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
2024 tax-advantaged accounts
What’s eligible?
The IRS determines what expenses can be paid with money from an HSA or FSA. Learn more about the eligible expenses for each account:
How much could you save?
Here’s an example. Let’s say you decide to set aside $2,000 in an HSA or FSA for the year. As an example, if you didn’t use an HSA or FSA, you could pay $480 in federal income tax, $100 in state income tax, and $153 in payroll tax on that money. So, by contributing that $2,000 to your HSA or FSA, you’ll save $733 in taxes for the year.
| Without an HSA or FSA, You would pay … | Savings |
|---|---|
| 24% in federal income tax……………………………………………………….. | $480 |
| 5% in state income tax*…………………………………………………………. | $100 |
| 7.65% in payroll tax…………………………………………………………..……. | $153 |
| Your total tax savings for the year with an HSA or FSA …………... | $733 |
This hypothetical is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
Health Savings Account (HSA)
With the HDHP, you’re eligible to open and contribute money to a Health Savings Account (HSA) through PNC. The HSA is a tax-free savings account that you own. You can choose to spend the money right away as eligible health expenses come up or save it for the future — you can even use it in retirement.
Get a triple tax advantage!
With an HSA, you can:
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
2024 contribution limits
The maximum amount you and MarketAxess can contribute to your HSA is determined by annual IRS limits. In 2024, the total contribution limits are:
- $4,150 if you have employee-only medical plan coverage, or
- $8,300 if you cover dependents.
Keep in mind that the contribution amount you’re able to elect for the year will be reduced by the amount of MarketAxess’s annual contribution: $650 if you have employee-only medical plan coverage or $1,300 if you cover dependents.
Who’s eligible for an HSA?
In order to establish and contribute to an HSA, you:
- Must be enrolled in the HDHP or another qualified high-deductible medical plan.
- Cannot simultaneously participate in the Health Care FSA.
- Cannot be enrolled in any other medical coverage, including a spouse’s plan or Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
You should review IRS rules for making HSA contributions if you will turn age 65 during the year. For more information, see IRS Publication 969.
Getting started
To contribute to an HSA, you must enroll in the HDHP. You will elect your HSA contribution amount during enrollment, but can change it anytime during the year. You can then manage your account through the PNC website.
As you start using your account, keep in mind you can only spend money that has actually been deposited into your account. The company contribution of $650/$1,300 is available at the beginning of the year. Your employee contribution is made from each paycheck and therefore is not available to you from the beginning of the plan year. Your HSA balance will grow as deposits are made from each paycheck.
Health Care Flexible Spending Account (FSA)
Using a Health Care Flexible Spending Account (FSA) is like getting a discount on eligible health expenses for you and your covered dependents because you’re paying with tax-free money. The Health Care FSA is available to employees who enroll in the PPO Plan or EPO Plan, or do not elect medical coverage. This account can be used for all eligible medical, dental, and vision expenses.
You can contribute up to $3,200 for the year through pre-tax payroll deductions. Note: You must enroll in this account each Open Enrollment if you want to contribute the next year, even if you already participate.
Use your money!
- You can carry over up to $610 of unused money in your FSA to the next year; you will forfeit any remaining amount above $610.
- You have 90 days after the year ends to submit claims for the previous year. This means you will have until March 31, 2025 to submit claims to PNC for expenses you incur between January 1, 2024 and December 31, 2024. Similarly, if you leave the Company, you will have 90 days from your termination date to submit claims for reimbursement.
- Request reimbursement and manage your account on the PNC website.
How the Health Care FSA works
Dependent Care Flexible Spending Account (FSA)
Child and elder care can present significant expenses for you. A Dependent Care Flexible Spending Account (FSA) allows you to pay less for child and elder care expenses by using tax-free dollars.
A Dependent Care FSA is available to all employees. You can contribute up to $5,000 for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. Note: You must enroll in this account each Open Enrollment if you want to contribute the next year, even if you already participate.
Use your money!
- The money in your Dependent Care FSA does not carry over to the next plan year; you must “use it or lose it.”
- You have 90 days after the year ends to submit claims for the previous year. This means you will have until March 31, 2025 to submit claims to PNC for expenses you incur between January 1, 2024 and December 31, 2024. Similarly, if you leave the Company, you will have 90 days from your termination date to submit claims for reimbursement.
- Request reimbursement and manage your account on the PNC website.
How the Dependent Care FSA works
Compare Accounts
| HSA | Health Care FSA | Dependent Care FSA | |
|---|---|---|---|
| Available with … | HDHP | PPO Plan EPO Plan (Or, if you waive medical coverage) |
N/A (All benefits-eligible employees may enroll) |
| Receive company contribution? | Yes | No | No |
| Change your contribution amount anytime? | Yes | No | No |
| Access your entire annual contribution amount as needed? | No | Yes | No |
| Access only funds that have been deposited? | Yes | No | Yes |
| Use account money for… | All eligible health care (medical, dental, vision) expenses | All eligible health care (medical, dental, vision) expenses | Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders |
| “Use it or lose it” at year-end? | No | Yes (carry over up to $610) | Yes |
| Money is always yours to keep? | Yes | No | No |