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Section 125 – Cafeteria Plans Overview

This Compliance Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal LEGAL REQUIREMENTSTo receive a federal tax advantage, Section 125 Plans must comply with the following legal rules: Must have a written plan document; Only common law employees may participate on pre-tax basis; Elections are generally irrevocable for entire plan year; and Must pass certain nondiscrimination tests. EXAMPLES OF QUALIFIED BENEFITS Group health plan coverage Dental and vision benefits Health FSA DCAP Life insurance Disability benefits Adoption assistanceSection 125 Cafeteria Plans OverviewA Section 125 plan , or a Cafeteria plan , allows employees to pay for certain benefits on a pre-tax basis.

Impact of Noncompliance: According to the IRS’ 2007 proposed regulations, if there is no written plan document in place or if the written plan document does not comply with the content or timing requirements, employees’ elections between taxable and nontaxable benefits will result in taxable income to the employees.

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