04 Oct 2022

Open Enrollment: Time for New Cafeteria Plan Elections

Open enrollment is like springtime: everything is new. Employees can select among available health and welfare plan choices and make their pre-tax cafeteria plan elections, all beginning in the new plan year. This video discusses how a cafeteria plan must be designed so employee contributions remain pre-tax, making payment for health and other permissible benefits a little easier.

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- ERISA Litigation. Participants settle for $267M a class action suit alleging that accounting firm PricewaterhouseCoopers undercalculated and underpaid lump sum benefit payments from its pension plan. See The Gaming of Pension Plan Actuarial Assumptions.
- Retirement Plans. IRS released an advance version of Notice 2022-45 extending the deadline for amending an eligible retirement plan (including an IRA) to December 31, 2025, to reflect the provisions of the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. No. 116-136) (CARES Act) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Pub. L. No. 116-260) providing special tax treatment regarding coronavirus (COVID-19)-related distributions and qualified disaster distributions, respectively. See prepublication draft.
- Health and Welfare Plans. IRS released an advance version of Notice 2022-44, providing the 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. See prepublication draft.
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