32 typeset, fine-print pages (yikes!); proposed to become effective in 2009. Replaces and restates proposed regs under section 125 that were published in 1984, 1989, 1997 and 2000, and temporary regs published in 1986. The new proposed regs reflect tax law changes since the earlier regs were published, including the definition of dependent and the addition of new qualified benefits such as adoption assistance and HSAs. Other changes include the prohibition against long-term care insurance and services, and the addition of the key employee concentration test in Code section 125(b)(2). Also clarifies the interaction between section 125 and section 401(k).

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