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Compliance Updates
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Compliance Updates

Retirement Accounts

Contribution Limitations and COLAS

The following table includes information on various annual limits pertinent to qualified retirement plans.

Compliance Reference Charts

The following links provide information related to various administrative aspects to be considered for plan oversight.  Select the appropriate link for detailed information. 

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Flex Accounts

OTC Changes Effective January 1, 2011

In response to changes regarding Over-The-Counter (OTC) medications which, effective January 1, 2011, restrict the way FSA, HRA and HSA members may be reimbursed for OTC medications, Flex Corp will require the member to provide the prescription and the customer receipt (or similar third-party documentation showing the date of the sale and the amount of the charge). 

For example, documentation could consist of a customer receipt issued by a pharmacy that reflects the date of sale and the amount of the charge, along with a copy of the prescription; or it could consist of a customer receipt that identifies the name of the purchaser (or the name of the person for whom the prescription applies), the date and amount of the purchase and an Rx number.

 

Additional Links

IRS Publication 502 – Medical Expenses

IRS Publication 503 – Child & Dependent Care Expenses

 Instructions for filing 990

Form 990 – Return of Organization Exempt from Income Tax

Application for Recognition of Exemption under Section 501 a

 

 

 

 

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