The Loyola University Maryland 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’s work schedule. Newly hired employees can begin participation the month following (after) their date of hire.
The application process it outlined below in the Child Care Voucher Program Guidelines. A new application must be submitted for each benefit year. If employees change child care providers, a new application must be submitted. The monthly reimbursement process is outlined below in the Child Care Voucher Program Guidelines. In the case of two Loyola employee parents, voucher monies will be awarded to one employee parent on behalf of the family.
The Internal Revenue Service determines the maximum allowance for dependent care assistance programs sponsored by employers. The combined total allowance is $5,000 per year, per family and includes:
- Flexible Spending Accounts for dependent care, and
- The Child Care Voucher Program.
This information should not be understood to be tax advice. Please consult your professional tax advisor to determine the optimal use of dependent care offerings.