Save Flexible Spending Plans chairman Joe Jackson recently spoke out against restrictions on flexible savings accounts that are scheduled to take effect in 2011.

Jackson argues that the 2011 effective date is too soon for administrators to "reprogram data systems" and update plan materials. Participants would struggle to cover out-of-pocket expenses formerly covered by their FSA.

"It's completely unreasonable to expect individuals and families with an FSA, as well as plan administrators, to plan for and be prepared to comply with the significant changes being proposed by next year," Jackson said. He suggests postponing the effective date until 2014, adding that this date is more in line with other reforms.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.