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Benefit Resource (BRI), a leading provider of innovative and dedicated administration of tax-free benefits programs, announced today the acquisition of North.
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On December 27, 2020, President Trump signed into law an additional COVID-19 relief bill, attached to the Consolidated Appropriations Act of 2021, and intended to provide economic assistance to Americans impacted by COVID-19, as well as continued funding for the federal government. However, it also contains a surprising number of provisions relating to employee benefits which are summarized in this advisory.
FSA and Dependent Care Account Relief
Background
The general rule is that Flexible Spending Accounts (FSA) and Dependent Care Accounts elections are irrevocable for the Plan Year, generally the calendar year. The general rule is that unused amounts in the FSA and Dependent Care Accounts are forfeited at the end of the year, subject to three exceptions: