Updated Guidance on Election Changes to Include Calendar Year Plans

Recently, the Treasury Department and Internal Revenue Service (“IRS”) finalized regulations to fix the “family glitch” and expanded Marketplace premium tax credits for employees’ family members when employer-sponsored coverage is not affordable. Simultaneously, the IRS issued Notice 2022-41, creating a new, permitted election change under the Section
125 cafeteria plan rules related to the “family glitch” fix. As originally published, the guidance was limited to non-calendar year cafeteria plans.

For more information please click on the following link.Updated Guidance On Election Changes To Include Calendar Year Plans – 112222U