ThinkHR 2022 FSA Maximum Increase Amendment

ThinkHR 2022 FSA Maximum Increase Amendment

2022 FSA Annual maximum increase amendment for ThinkHR docs
  • FLEXIBLE SPENDING ACCOUNT

    PLAN AMENDMENT

    The Employer adopts this Amendment to the Flexible Spending Account (“Plan”) to reflect changes to Internal Revenue Code (IRC) Section 125(i), as adjusted by the Internal Revenue Service (IRS) Revenue Procedure 2021-45. The employer and Plan sponsor intends this Amendment as good faith compliance with the requirements of this Notice. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. This Amendment is entered into and shall be effective for the 2022 Plan year and beyond.

  • The plan document is amended as follows:

    ARTICLE VI

    HEALTH FLEXIBLE SPENDING ACCOUNT

    1. Limitations on Allocations.

    Notwithstanding any provision contained in this Health Flexible Spending Account to the contrary, the maximum amount of salary redirections that may be allocated to the Health Flexible Spending Account by a Participant in any Plan Year is $2,850.00. The maximum limit may increase from year-to-year pursuant to Section 125(i)(2) of the Internal Revenue Code. This limit also applies to the Limited Purpose Flexible Spending Account, if applicable.

  • This Amendment has been executed on this day

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