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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

What Benefit Changes Can I Make Due to COVID-19?

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Many employers are having to make difficult decisions regarding staffing during the national pandemic due to COVID-19. Employers are faced with staff leave of absence situations including layoffs, furloughs, and reduction in hours. This leads to questions regarding what changes employees are able to make to their benefits as a result.
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Categories: Benefits in General, Compliance | Tags: Permitted Election Changes , Section 125 , Health Care FSA , Dependent Care FSA , Transportation Plans
As we ring in the New Year, 2020 calendar-year cafeteria plans have also started a new Plan Year. Employers are often faced with requests from participants to change their elections shortly after a new plan year begins. This article reviews the rules including when elections can and cannot be changed.
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Categories: Benefits in General, Compliance | Tags: FSA , Flexible Spending Accounts , Cafeteria Plan , Permitted Election Change
As we ring in 2019, calendar year cafeteria plan have also started the new 2019 plan year. Employers might be wondering whether it is really too late to allow employees to make changes to or even revoke their flexible spending account (FSA) elections, especially if it is prior to the first payroll for the new plan year.
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Categories: Benefits in General, Compliance | Tags: FSA , Permitted Election Change , Irrevocable , Plan Year

When Do Adult Children Lose Health Coverage?

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This is a multi-faceted answer depending upon the coverage type. Effect March 30, 2010, the Affordable Care Act (ACA) mandated that group health insurance plans provide coverage for employees’ children up to the age of 26.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Adult Child , Code Section 105(b) , COBRA , Permitted Election Change , Loss of Coverage , Age 26 , Parent's Health Plan
As calendar-year cafeteria plans have begun the 2017 plan year, employers might be wondering whether it is really too late to allow employees to make changes to or revoke their flexible spending account (FSA) elections, especially if it is prior to the first payroll of the new plan year.
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Categories: Benefits in General | Tags: fsa , flexible spending accounts , cafeteria plan , permitted election change

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