Archive by category: Benefits in GeneralReturn
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With open enrollment season upon us, we’ve received several questions regarding anticipatory elections. We also receive calls throughout the year on the related topic of election changes based on an anticipatory election that did not come to fruition.
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Categories: Benefits in General | Tags: Dependent Care FSA , Cafeteria Plan , Health Care FSA

Part Timers and the Dependent Care FSA

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Q. Employer: We’ve had a question come up a couple of times at our meetings this week regarding dependent care. One of the points on our slides is that the employee and spouse must either be working or full time students to be able to use the dependent care account. Are there a minimum number of hours that they need to be working?
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Categories: Benefits in General | Tags: Dependent Care FSA , Cafeteria Plan
On Friday November 4, 2011 Wisconsin Governor Scott Walker signed into law legislation that adopts the federal income tax treatment of employer-provided health coverage of adult children who have not attained age 27 as of the end of the tax year for Wisconsin state income tax purposes. Prior to this recent change, Wisconsin was the only remaining state that had not adopted the federal income tax treatment. The change is effective retroactive to January 1, 2011.
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Categories: Benefits in General | Tags:

Back to Basics: Cafeteria Plan Benefits

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Remember that a cafeteria plan is a plan that offers employees a choice between taxable benefits and qualified benefits. Only qualified nontaxable benefits can be offered under a cafeteria plan.
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Categories: Benefits in General | Tags: Cafeteria Plan

Uniform Coverage and the Health FSA

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The Uniform Coverage Rule requires that “the maximum amount of reimbursement from a health FSA must be available at all times during the period of coverage (properly reduced as of any particular time for prior reimbursements for the same period of coverage).” Prop. Treas. Reg. §1.125-5(d)(1).
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Categories: Benefits in General, Compliance | Tags: Health FSA , Uniform Coverage Rule

2011 – 2012 IRS Project Plan

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The IRS released their project plan for 2011-2012. The plan includes items that the IRS and Treasury would like to address. Here are some of the items in the plan that impact employee benefits:
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Categories: Benefits in General | Tags:

Alphabet Soup of Benefits: HSAs, HRAs and FSAs

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According to Investment News, health savings account (HSA) balances and the number of HSAs jumped this past summer as employers continued to implement high deductible health plans (HDHPs). Health care reform and the lagging economy seem to be impacting interest in HDHPs and consequently, HSAs. In light of such interest, a quick review of HSAs and a comparison to other common benefit offerings – health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs) – is in order.
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Categories: Benefits in General | Tags: Health Savings Account
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