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