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Give employees a ‘grace period’ to spend FSA dollars

by on
in Human Resources

The IRS announced last month that you can give employees an extra 21/2 months to spend money they've set aside in their flexible spending accounts (FSAs) for health care and dependent care expenses. Under the current "use it or lose it" rule, employees must forfeit any dollars set aside in their FSAs if they don't spend the money on eligible expenses by the end of the plan year. To adopt this grace period, you must amend your cafeteria plan document by the end of the current plan year. For more details, go to www.ustreas.gov/press/releases/js2456.htm.

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