Acknowledging the widespread impact of the COVID-19 pandemic, the US IRS and Treasury Department have issued notices granting much-sought flexibility for health and dependent care flexible spending accounts and health plans. The relief includes permission for plan sponsors to amend their Section 125 cafeteria plans to allow employees to make prospective changes to their elections, whether or not those employees are affected by the COVID-19 pandemic.
Read more about these actions in a post on Mayer Brown’s Benefits & Compensation Blog.
If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.