Cafeteria plans (125, flexible spending) (BenefitsLink.com)Headlines re Cafeteria plans (125, flexible spending), gathered by BenefitsLink.comHouse Approves FSA Funds for Reservists Called to Duty- (Found June 29, 2008 ) Excerpt: "Legislation approved Tuesday, May 20, by the House of Representatives would allow individuals called up from the reserves for active military service for at least six months to take unused balances in their health care flexible spending accounts as a taxable distribution." (Workforce Management; free registration required)http://www.workforce.com/section/00/article/25/54/52.html Guidance Overview Chart for Corporate Employers That Compares FSAs, HRAs and HSAs (PDF)- (Found June 29, 2008 ) 2 pages. (The Segal Group, Inc.)http://www.sibson.com/publications/presentations/FSA_HRA_HSA_chart.pdf Guidance Overview Final HSA Comparability Guidance Clarifies Fair Worker Benefits- (Found June 29, 2008 ) Excerpt: "A long-awaited final guidance on employer comparable contributions to health savings accounts (HSAs) was released April 17 by the Treasury Dept. and IRS. The guidance clarifies the obligations to other employees when some are offered an HSA as part of their benefits." (AISHealth.com)http://www.aishealth.com/GNOW/042808.html#gnowtwo Guidance Overview Hot HR Compliance Issues for Small Businesses in 2008- (Found June 29, 2008 ) Excerpt: "The purpose of this article is to highlight a few issues before they become critical such as Section 409A, flex plans, qualified retirement plans, and 401(k) contributions." (Employee Benefit News; free registration required)http://ebn.benefitnews.com/asset/article/557891/compliance/hot-hr-compliance-issues-small-... Guidance Overview Flexible Spending Account Administrator Breached ERISA by Applying IRC 125 Requirements- (Found June 29, 2008 ) Excerpt: "In a decision that underscores the importance of complying with ERISA's Title I requirements, the U.S. District Court of New Jersey held that the administrator of a Flexible Spending Account violated ERISA by applying the IRC 125 definition of when a medical expense is 'incurred' when the relevant plan documents were silent on the issue. O'Meara v. _________, Civil Action No. 07-CV-4429 DMC (April 1, 2008)." (Deloitte via BenefitsLink.com)http://benefitslink.com/articles/guests/washbull080414a.html Guidance Overview Employer Breached ERISA Fiduciary Duties by Providing Misleading Health FSA Documents- (Found June 29, 2008 ) Excerpt: "EBIA Comment: IRS regulations prohibit health FSAs from reimbursing medical expenses before they are 'incurred,' and provide that medical expenses generally are 'incurred' when medical care is provided, not when the employee is formally billed, charged for, or pays for the medical care. This is not the first time that an employer has run into problems by providing health FSA disclosure documents that refer to IRS Publication 502, which is used to help taxpayers determine what...http://www.ebia.com/weeklyguest/19353/20080502f43e35427d515463b0f5c26afe677ac9/BNL080410 Guidance Overview Proposed Regulation on TRICARE Incentive Prohibition Addresses Treatment of Cafeteria Plans- (Found June 29, 2008 ) Excerpt: "EBIA Comment: The TRICARE incentive prohibition applies beginning January 1, 2008 to all employers (except those with fewer than 20 employees). The DoD had previously indicated that the TRICARE incentive prohibition regulation would not consider a Code Section 125 cafeteria plan to be an unlawful incentive so long as all plan participants are treated the same . . . . Although the regulation is only proposed at this point, employers that are subject to the prohibition may want to..http://www.ebia.com/weeklyguest/19346/20080425ea98e1deae500c896589297f2a72ea63/BNL080403 FSA's Diversion from IRS Definition Misleading to Participants- (Found June 29, 2008 ) Excerpt: "A Flexible Spending Account (FSA) plan sponsor had a fiduciary duty to plan participants to clearly state in plan documents that its definition of the word 'incur' was different from the Internal Revenue Service definition, the U.S. District Court for the District of New Jersey ruled." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=40963 Guidance Overview Are Rollover and Transfer Contributions to Health Savings Accounts Permitted- (Found June 29, 2008 ) Excerpt: "Rollover and transfer contributions from Archer Medical Savings Accounts (MSAs) and other HSAs to an HSA are permitted. They need not be in cash and are not subject to the annual contribution limits. . . . Rollovers from certain flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs) are also allowed, subject to the rules of IRS Notice 2007-22." (Wolters Kluwer)http://www.complianceheadquarters.com/Question/HSA_032608.aspx Controlling Health Insurance Premiums with FSA, HRA, HSA Plans- (Found June 29, 2008 ) Excerpt: "Health insurance costs are rising much faster than inflation. But what can manufacturers do about it One idea that seems to be working is giving employees 'ownership' in their health plans. A big problem is that employees are disconnected from the cost of healthcare. For instance, when asked in surveys, a surprising number of people think the doctor only receives their health plan's co-pay amount, $10 or $20!" (Penton Media, Inc.)http://www.industryweek.com/ReadArticle.aspx?ArticleID=15995 |