Consolidated Appropriations Act 2021
The CAA of 2021 offers (5) optional temporary amendments to their cafeteria plans in order to help their employees enrolled in the health FSAs and/or dependent care FSAs who have been impacted by the unintended consequences of the Pandemic.
The optional regulations, if chosen to be adopted, do not require plan amendments to be executed until the last day of the first calendar year after the end of the plan year in which the amendment was effective.
If adopted ABG will amend your Plan Documents which will have a $295 fee associated with the Amendment and Summary of Materials Modification.
On February 18, 2021, while this material was being presented, the IRS released additional guidance in regard to CAA 2021 in IRS Notice 2021-15. We are working diligently with our legal team and will release updates as soon as possible.