Your benefits package can be an important feature for recruiting and retaining talented employees, but keeping the rules and regulations straight is key for avoiding tax complications.
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Retirement Planning and Fiduciary Responsibilities
Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. Administering a plan and managing its assets, however, is a big responsibility. This document offers some guidelines for understanding and meeting those responsibilities.
A hallmark of the FSA has been the "use-it-or-lose-it" rule. To benefit from using tax-free money, a participant must forfeit any unused amount at the end of a plan year. Otherwise, the money is considered "deferred compensation" that is available after the year it is earned, which is forbidden under a cafeteria plan. The IRS issued a notice on October 31, 2013 that it has decided to offer flexibility in the operation of the use-it-or-lose it rule.
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