Status Change Rules permit – and limit – mid-year changes in pre-tax salary reduction elections under Cafeteria Plans.
This audio conference covers when and how these rules work, including special emphasis on the types of situations that often raise the most troublesome questions for employers and their vendors and advisors.
You will be able to use the information provided during the audio conference as a self-diagnostic checklist enabling you and your vendors to audit your plan's compliance with the rules and to correct any gaps in your compliance efforts. Learning Objectives
- Which programs are subject to the status change and similar rules
- Situations in which mid-year changes in pre-tax salary reduction elections are permitted
- Situations in which mid-year changes in benefits (and related pre-tax salary reduction elections) are required
- How the "election changes must be consistent with" how the status change rules operate
- Steps you should take to memorialize compliance with these rules
- Where a description of these rules should appear in your documents
- Consequences of failure to comply fully with these rules
...and as always, this session will be interactive, so we’ll be able to answer your questions on this topic throughout the presentation, plus determine if your Section 125 cafeteria plan is currently in full compliance with the most recent guidance under the status change rules and similar rules!Who Should Attend
Employers who sponsor Section 125 cafeteria plans, their employees who handle those plans, contract vendors who provide services to those plans, and accountants and other professionals who provide tax and ERISA advice to those employers.About Your Speaker
Henry Smith is the Managing Partner of Smith & Downey, a boutique law firm with a national practice limited to benefits and other human resources matters.
Henry is an employee benefits lawyer with almost three decades of experience. He advises all types of employers and service providers on all aspects of employee benefits, ERISA, and HR areas.
Mr. Smith is a frequent presenter on various employee benefits and executive compensation topics, past Chair of the Maryland State Bar Association Tax Section and of its Employee Benefits Committee, a former Adjunct Professor in employee benefits at the University of Baltimore School of Law, and is author of a number of employee benefits-related books and periodicals.PHR / SPHR Credits!
This program has been approved for 1.5 re-certification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org. The use of this seal is not an endorsement by HRCI of the quality of the program. It means that this program has met HRCI's criteria to be pre-approved for re-certification credit.