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ARTICLE · 05 JANUARY 2021

At Last: Flexible Spending Account Plan Carryovers

Ropes & Gray LLP
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The Consolidated Appropriations Act ("CAA"), passed by Congress on December 21, 2020 and signed into law by President Trump on December 27, 2020, contains some long-hoped-for relief...

United StatesEmployment and HR
Ropes & Gray LLP'S Executive Compensation & Employee Benefits Practice
Ropes & Gray LLP'S Executive Compensation & Employee Benefits Practice
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The Consolidated Appropriations Act (“CAA”), passed by Congress on December 21, 2020 and signed into law by President Trump on December 27, 2020, contains some long-hoped-for relief for employees who make contributions to health care flexible spending account plans and dependent care flexible spending account plans (“FSA Plans”). Employers will want to immediately take note of the options afforded to them by this relief, in particular the option that permits them to amend their FSA Plans to allow employees to roll over any contributions remaining in their FSA Plan accounts for the 2020 plan year and to use those funds to pay for qualifying health care and dependent care expenses incurred at any time during the 2021 plan year.

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