Category: IRS

  • While Shelter in Place Tightens, Some Regulations Loosen – Cafeteria Plans | Jordan Shields, Partner

    June 9, 2020

    Tags:

    The IRS has issued two notices which give employers more flexibility with Flex Plans.

    None of this is required, but these changes are permitted in the current plan:

    • Employees who previously waived participation may enroll off anniversary
    • Employees who did not include dependents previously may now do so
    • Employees may drop coverage for themselves or their dependents
    • Employees may change the amount they have set for Dependent Care Plans
    • For non-calendar plan years, may extend claims submission period to December 31
    • If there is a carryover plan in place for Healthcare FSA, employer may increase the carryover limit from $500 to $550 to the subsequent year

  • While Shelter in Place Tightens, Some Regulations Loosen – Cafeteria Plans | Jordan Shields, Partner

    June 9, 2020

    Tags:

    The IRS has issued two notices which give employers more flexibility with Flex Plans.

    None of this is required, but these changes are permitted in the current plan:

    • Employees who previously waived participation may enroll off anniversary
    • Employees who did not include dependents previously may now do so
    • Employees may drop coverage for themselves or their dependents
    • Employees may change the amount they have set for Dependent Care Plans
    • For non-calendar plan years, may extend claims submission period to December 31
    • If there is a carryover plan in place for Healthcare FSA, employer may increase the carryover limit from $500 to $550 to the subsequent year

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