<style type="text/css">
    .active {
        color: red;
    }
</style>

<script type="text/javascript">
    $(function () {
        var tOut = setTimeout(function () { $("#idLabelDismiss").toggleClass('active').show(); setInterval(function () { $("#idLabelDismiss").toggleClass('active'); }, 700) }, 500);
        //    clearTimeout(tOut);

        function StopTout() {
            clearTimeout(tOut);
        };

        function Init() {
            $("button").bind("click", StopTout);
        }

        $(Init);
    });
</script>

........................................................................................
<div class="col-md-offset-2 col-md-2">
    <div class="row">
        <h2>Тест анимации</h2>
        <label id="idLabelDismiss" class="control-label">Дата увольнения</label>
        <input type="text" id="idDismissDate" name="dismissDate" class="form-control" placeholder="Введите дату" />
    </div>
    <div class="row">
        <button class="btn btn-default">Нажми</button>

    </div>
...................................................................................................