Ensure your cafeteria plans are set up correctly and things are done right the first time.
Cafeteria plans are common, but many employers become overwhelmed by the IRS regulations that govern these plans. In addition, determining when a participant can change their election is not straight forward. This presentation is designed to provide employers with guidance on the benefits of offering a cafeteria plan, a better understanding of the change in status rules and offer practical advice to help avoid administrative and compliance issues.
Learning Objectives
- You will be able to define cafeteria plans.
- You will be able to explain the benefits of offering a cafeteria plan.
- You will be able to discuss when a participant can change their cafeteria plan election.
- You will be able to describe the cafeteria plan implications of offering cash in lieu of coverage under a group health plan.
Agenda
General Overview
- What Are Cafeteria Plans?
- What Purpose Do They Serve?
- Who Can Participate?
- What Benefits May Be Offered?
Changing Employee Elections
- Election Timeline
- Change in Status Rules - Exceptions to Irrevocability
Cafeteria Plan Issue for Payments in Lieu of Group Health Coverage
- Incentives to Decline Group Health Coverage
- Inclusion of OPT out Provision in Cafeteria Plan
- ACA Affordability Implications
Speakers
Patricia L. Beaty, Esq.,
Taft Stettinius & Hollister, LLP- Partner in the office of Taft Stettinius & Hollister, LLP focusing exclusively on employee benefit matters
- Practice emphasizes all aspects of employee benefits and executive compensation of both retirement and health and welfare plans
- Conducts regular client training, seminars, and workshops on ERISA, fiduciary duties, the Affordable Care Act, IRS and DOL audits, 401(k) plans, defined benefit plans, cash balance plans, health and welfare plans, VEBAs, Medicare Secondary Payer rules, litigation, mergers and acquisitions, 403(b) plans, 457(b) plans, 457(f) plans, and new comparability (cross-tested) plan designs
- Certified employee benefits specialist (CEBS), American Bar Association Committee on Employee Benefits, Indiana Benefits Conference (past chairperson), Indianapolis Bar Association, and current President of the Indiana Chapter of the International Society of Employee Benefit Specialists
- J.D. degree, Indiana University, Robert H. McKinney School of Law; B.S. degree, Ball State University
Alexander J. Mate, Esq.,
Taft Stettinius & Hollister, LLP- Associate in the office of Taft Stettinius & Hollister, LLP – Employee Benefits and Tax
- Practice concentrates on employee benefits and executive compensation
- Experience advising clients on a broad number of issues, including retirement plan formation, maintenance and termination, deferred compensation, and ERISA compliance
- Certified to practice in Ohio and Indiana
- LL.M. degree in tax law, New York University; J.D. degree, The Ohio State University; B.S. degree, University of Florida
Who Should Attend
This live webinar is designed for human resources and benefits managers, controllers, CFOs, finance directors, payroll managers, presidents, vice presidents, business owners and managers, and attorneys.
