New Proposed Cafeteria Plan Regulations

✍ Scribed by Shirley Dennis-Escoffier

• Publisher: John Wiley and Sons
• Year: 2007
• Tongue: English
• Weight: 81 KB
• Volume: 19
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.20377

✦ Synopsis

In August 2007, the IRS issued a new set of proposed comprehensive regulations for cafeteria plans that consolidate prior notices and revenue rulings and include some new rules. Employers and plan administrators should review these new regulations to determine if their plan documents and administrative practices need to be amended to ensure compliance with the new rules. Although these regulations are intended to apply to plan years beginning on or after January 1, 2009, they may be relied on by taxpayers now until final regulations are issued. Additionally, a few provisions, such as the change regarding group-term life insurance, may require more immediate attention.