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New Temporary Special Rules for Flexible Spending Accounts
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The president has signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which includes several temporary special rules aimed at minimizing forfeitures and increasing the utility of health and dependent care flexible spending accounts (FSAs). Plans providing for one or both accounts can take advantage of these participant-friendly rules immediately. The act permits plan sponsors to implement the following voluntary changes for health and/or dependent care FSAs:
Plans adopting any of these voluntary changes must be amended by the end of the first calendar year beginning after the end of the plan year in which a change took effect and must be operated in accordance with the amendment’s terms beginning on its effective date. Thus, calendar year plans adopting these voluntary changes will generally need to be amended by December 31, 2021. If you have any questions about the changes to health and dependent care FSAs in the act, please contact one of the attorneys in the Employee Benefits and Executive Compensation Practice Group at Bradley.
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