Under IRS rules, all flexible spending account plans must be captured in a written plan document. BAS can work with your organization to prepare the appropriate documentation.
BAS will talk with your group to find out the specifics of your flexible spending account plan. Then, BAS will provide a plan document reflecting your plan’s design.
Employers who are considering removing an existing grace period for a flexible spending account plan and implementing the new $500 carryover must amend their plan documents to effectuate the change. If the grace period will be removed and new carryover added with respect to 2013 contributions, the plan document must be amended by the end of 2013. If the new carryover will be added for 2014 contributions, the plan document must be amended by the end of 2014.
Contact your account manager or info@BASusa.com for more details.