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Regional Vice President of Sales The Retirement Plan Company
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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California Enacts FSA Notice Requirement
Drinker Biddle [Guidance Overview] Dec. 18, 2019 "[E]mployees must be notified of any deadline to withdraw funds from the FSA before the end of the plan year. The requirement would apply to situations when FSA coverage terminates mid-year (such as a mid-year termination of employment) and the FSA imposes a shortened time period for submitting run-out claims.... The law does not include a specific effective date. Generally, if a statute enacted during a regular session does not have a specific effective date, it becomes effective on January 1 of the following year (January 1, 2020, in this case)." |
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