In late December, Congress passed the Consolidated Appropriations Act, 2021 that included cafeteria plan relief but left many open questions regarding how the relief provisions should be implemented and administered. The IRS issued Notice 2021-15 on February 18 to provide much needed clarification on the CAA’s cafeteria plan provisions. In this update, we discuss some of the key takeaways from the IRS’s clarifying guidance. Read the full article.