The IRS is imposing a $2,500 limit on contributions for a flexible spending account as mandated by PPACA. When is the effective date for this rule?
A) Jan. 1, 2012
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B) Jan. 1, 2013
Correct!
The FSA limit is effective for plan years starting on or after Jan. 1, 2013. It does not apply for plan years that begin before 2013.
C) Jan. 1 2014
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D) The effective date is to be determined
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