Compass
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Bates & Company, Inc.
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Regional Vice President of Sales The Retirement Plan Company
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Loan & Distribution Specialist AimPoint Pension
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AimPoint Pension
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The New Use It or Lose It Rule for Cafeteria Plans
Rackemann, Sawyer & Brewster May 23, 2005
Excerpt: 'Use it or lose it,' is the infamous principle of Section 125 flex/cafeteria plans. Positive account balances traditionally cause a December stampede to purchase eyeglasses and other medical what-nots. The expenses must be incurred by December 31 or the balance is forfeited to the employer. For a country that wants to contain medical expenses, the rule that 125 savings must be spent or forfeited is a little silly. IRS has issued some welcome relief with new Notice 2005-42.
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