Section 125 Cafeteria Plans: Making Sense of the IRS Rules
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Make sure your cafeteria plans are set up correctly and things are done right the first time.A Section 125 Cafeteria Plan is not just for large employers. Even the smallest employers have them and we all know that they come with rules that must be followed. Do you really know what those rules are? We will walk through the rules that Congress and the IRS have given us. What benefits can, or cannot, be offered through a cafeteria plan? What are the IRS rules about making and changing employee elections? What does the IRS expect you to have in the way of a plan document? How do the nondiscrimination rules affect what you can do in your cafeteria plan? The consequences of getting it wrong can be severe and there are some mistakes that cannot be fixed. So, it is important to make sure that plans are set up correctly and that things are done right the first time. We will review all of that and more.
AuthorsSteven P. Smith, Hinkle Law Firm LLC
What Is a Section 125 Cafeteria Plan?
• How Do They Work?
• What Are the Advantages of Having One?
What Are the IRS Requirements for a Cafeteria Plan?
• Who Can Be Allowed to Participate?
• What Benefits Can Be Offered Through a Cafeteria Plan?
• How Do the IRS Nondiscrimination Rules Affect a Cafeteria Plan?
What Rules Apply to Participant Elections?
• How Can Elections Be Made?
• How and When Can Elections Be Changed?
How Does ERISA Affect Cafeteria Plans?
What About Mistakes?
• Mistakes That Can Be Fixed and Those That Can't
• Tips for Avoiding Mistakes