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IRS Releases Cafeteria Plan Relief

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On Tuesday, May 12th, the IRS released a pair of notices that affect cafeteria plans and flexible spending accounts (FSAs). These notices give employers the opportunity to add extended grace periods to FSAs, increase the maximum rollover amount on Health Care FSAs, and/or allow their participants to make mid-year cafeteria plan election changes if their needs change during the pandemic.
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Categories: Benefits in General, Compliance | Tags: IRS Notice 2020-29 , IRS Notice 2020-33 , Permitted Election Changes , Cafeteria Plans , Health Care FSA , Dependent Care FSA , Grace Period , Rollover , Amendments

IRS and DOL Provide Deadline Relief

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On April 28, 2020, the U.S. Department of Labor (DOL) and Internal Revenue Service (IRS) issued a joint rule titled "Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak". The rule provides automatic relief from a number of deadlines related to COBRA continuation coverage, HIPAA special enrollment periods, and claims and appeal filing deadlines for group health plans.
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Categories: Benefits in General, Compliance | Tags: Extension , COBRA , Claims , COVID-19 , IRS , DOL , Outbreak Period , Disaster Relief

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