"[Kevin Knopf, of the Treasury's Office of Benefits Tax Counsel] noted that some employers anticipated that the cap would apply in 2012 and decided to limit employee contributions. Now that the cap does not apply for 2012, employers want to give employees a midyear election to increase their contributions. Knopf said that employees cannot change their election unless they have a 'life event,' and that the issuance of IRS guidance is not a suitable event. He indicated that this policy is unlikely to change."  MORE >>