When you’ve spent several years of your professional life dedicated to a goal, the moment it comes to fruition can seem a bit surreal. For leaders in the flexible spending account arena who have been working toward eliminating the annual use-it-or-lose-it provision to these plans, the Oct. 31 decision by the Internal Revenue Service to allow $500 to carry over to the next plan year was a long time coming.
“This is a big deal. This is probably the biggest event for flexible spending accounts in the 30 or so years since it was implemented,” says Bob Natt, executive chairman, Alegeus Technologies. “We consider this a major change that’s going to be great for the participants.”
