Jottings By An Employer's Lawyer

Friday, May 20, 2005

Help To the Procrastinators of the World, More Benefits News

Tired of having to schedule doctor's appointments in December, or buying yet another extra pair of glasses in order not to lose some of the funds set aside in your flexible spending account? Good news today over at Janell Grenier's Benefits Blog, A Welcome Development for Flexible Spending Accounts: The Modified "Use-It-Or-Lose-It" Rule, discussing the IRS announcement of a way to extend for 2 ½ months the time that the funds have to be used.

The nitty gritty is here in Notice 2005-42. For some of us, all this does is delay the timing of our last minute rush, but for world class procastinators it's still like manna from heaven. Of course, your employer has to make sure that they amend their plan to give you that extra time. And that is something that can't be put off. So tell your plan administrator, "call our benefits lawyer -- now. "

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