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How much will it save the City? • <br /> Currently, employees payments for health and life insurance total $1,712 per <br /> month. Multiplying the monthly costs X 12 months X the current FICA rate of <br /> 7.65% produces a reduction of Employer FICA taxes of approximately $1,571 <br /> dollars. <br /> Costs of Flexible Spending Account: <br /> 1) $ 595.00 for initial implementation of plan. <br /> 2) $ 125.00 for each year after for updates and newsletter information. <br /> Recommendation: <br /> Council authorize $595.00 expenditure to Flex Compensation, Inc., for the purpose of <br /> implementing a flexible spending benefit account to reduce the City tax liability. <br />