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April 11, 2005

Legislation Introduced To Enable Small Businesses To Participate In Cafeteria Plans

The NSBA is reporting that Sen. Olympia Snowe introduced a bill (S. 723) that would create SIMPLE Cafeteria Plans for small businesses. Cafeteria Plans allow employees to pay for fringe benefits with pre-tax wages.

The bill would ease the nondiscrimination and testing rules required for other Section 125 plans, thereby making it easier for small businesses to participate in the plans. The bill would also modify the "use it or lose it" rule of Section 125 plans by allowing up to $500 of unused funds to be rolled over into a 401(k).

Posted by Nick Infusino at 12:33 PM in Small Businesses | Permalink

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