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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