Reports on the issuance of a Final Section 125 Cafeteria Plan Regulations by the United States Internal Revenue Service. Details and background of Section 125 cafeteria plan; List several modifications to the 2000 proposed regulations; Date of regulation effectivity....
of the cafeteria plan changes permitted by the notices are optional; a plan sponsor can decide which changes, if any, will be made under its plan. Temporary Flexibility for Midyear Elections Under Cafeteria Plans Notice 2020-29 allows employees to make special midyea...
In Situations 2-6 above, the failure to comply with the substantiation requirements of the proposed cafeteria plan regulations results in the cafeteria plan’s failure to operate in accordance with its written plan or the failure to operate in accordance with Code section 125 and the proposed regu...
This is due to the Code Section 132 rules requiring a qualified transportation benefit compensation reduction agreement to be elected prior to the compensation becoming available, which is similar to Code Section 125 cafeteria plan rules. Once elected, it cannot be revoked after the beginning ...
According to the IRS guidance, appropriate changes in Code § 125 Cafeteria Plan elections, including health FSA elections, will be deemed to be a "status change" under the Section 125 regulations pursuant to changes that will be made to those regulations effective retroactive to Mar...
It states that the modification allows employees participating in health FSAs to amend Code Section 125 cafeteria plans. It says that a cafeteria plan which offers a health FSA should be amended for the inclusion of the carryover provision to take advantage of the new carryover option that was...
For tax years beginning in 2023, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $3,050. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $610, an increase of $40 ...
Internal Revenue Service Ruling 2002-07 which authorizes cafeteria plans to automatically enroll employees in health plans and use pre-tax salary deductions to pay health insurance premiums. Description of the plan...
IRS to Amend Cafeteria Plan Regulations to Facilitate Enrollment in Marketplace CoverageHamburger, Paul
Provisions of the 2000 rules concerning group life and disability coverage; Applicability of changes made with the 2000 regulations for cafeteria plan years beginning on or after January 2001.EBSCO_bspEmployee Benefit Plan Review