Working with Cafeteria Plans (Compensation and Benefits Professional Series) 2nd ed
By admin • Mar 8th, 2009 • Category: Business
Working with Cafeteria Plans (Compensation and Benefits Professional Series) 2nd ed
by: Irene E. Tatara, J.D.
Working with Cafeteria Plans (Compensation and Benefits Professional Series)
By
Publisher: CCH Incorporated
Number Of Pages: 246
Publication Date: 1998
ISBN-10 / ASIN: 0808002473
ISBN-13 / EAN: 9780808002475
Since their inception in 1978, cafeteria plans have served as unique vehicles through which employers have been able to offer attractive packages of nontaxable (and taxable) benefits to employees while realizing significant cost savings. The IRS has issued multiple layers of complex rules governing reimbursements, benefit elections, and a number of other facets of cafeteria plan administration. Working with Cafeteria Plans cuts through the complexity of the rules and divides them into manageable, organized steps for plan design and administration.
This Second Edition of Working with Cafeteria Plans explains the new rules for status changes, issued in November 1997, that significantly modified the rules for changing elections under a cafeteria plan for post-1998 plan years (or earlier, depending on the employer’s discretion and the plan’s terms). Which changes-in-status rules apply to which types of cafeteria plan benefits are clearly outlined for the practitioner.
The Second Edition also explains the latest rules under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), including the treatment of flexible spending arrangement (FSA) benefits as excepted benefits for purposes of creditable coverage requirements. A helpful worksheet and step-by-step instructions for determining whether a particular employee’s FSA benefits are excepted benefits are included.
Working with Cafeteria Plans covers cafeteria plans from their implementation to their administration in accordance with IRS regulations. This book is intended for both tax and non-tax professionals who work with cafeteria plans. The explanatory chapters are followed by the full text of Code Sec. 125, including historical amendment notes and Committee Reports. All temporary and proposed regulations issued by the IRS under Code Sec. 125 through June 1998 are also reprinted in their entirety. Sample documents and forms for use in conjunction with cafeteria plans are located at the back of the book.
Quick References
Both novices and seasoned professionals will find the brief and to-the-point Quick Reference at the beginning of each chapter helpful. Those requiring more thorough research will find the numerous source references in the explanations and convenient compilation of full-text IRS materials and sample plan documents to be of tremendous value.
Organization of Chapters
The first six chapters of the book guide you through the establishment of a new cafeteria plan, including the tasks of pricing benefits, deciding on the plan’s structure, and communicating the new plan to employees. Sample documents and forms located in Appendices in the back of this book are designed to help you negotiate these steps. These documents and forms include the full text of two different types of cafeteria plans, a salary reduction agreement, an FSA enrollment form, and an employee status report detailing cafeteria plan transactions.
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