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Dec. 31 is a big day for FSA holders. For many, this could be the last day theyre allowed to spend their FSA funds on eligible expenses or risk forfeiting their account balance to their employer.
Republicans emerged with firm majorities in both chambers of Congress after the midterms, meaning Hatch's proposed legislation could gain traction next year.
Knowing the DOL is going to be vigilant in these areas means that now is a good time to review benefit plan documentation and administrative practices to ensure compliance.
PPACA had set a $2,500 annual limit to FSAs, but the law also specified that the limit would increase to match the rise in the consumer price index starting in 2014.