SIMPLE Cafeteria Plan Act of 2007

A bill to amend the Internal Revenue Code of 1986 to allow small businesses to set up simple cafeteria plans to provide nontaxable employee benefits to their employees, to make changes in the requirements for cafeteria plans, flexible spending accounts, and benefits provided under such plans or accounts, and for other purposes.

2/12/2007--Introduced.
SIMPLE Cafeteria Plan Act of 2007 - Amends the Internal Revenue Code to establish a new employee benefit cafeteria plan to be known as a Simple Cafeteria Plan. Defines "Simple Cafeteria Plan" as a cafeteria plan which:
(1) is established an more...d maintained by an employer with an average of 100 or fewer employees during a two-year period;
(2) requires employers to make contributions or match employee contributions to the plan;
(3) requires participating employees to have at least 1,000 hours of service for the preceding plan year and allows such employees to elect any benefit available under the plan;
(4) permits participation by self-employed individuals; and
(5) includes long-term care insurance as an qualified benefit. Exempts employers who make contributions for employees under a simple cafeteria plans from pension plan nondiscrimination requirements applicable to highly compensated and key employees. Modifies rules applicable to employee benefit flexible spending arrangements, including health and dependent care arrangements, to permit participants to make or modify elections regarding covered benefits and to carry over up to $500 (indexed for inflation) of unused benefits to the succeeding year or transfer such unused amounts to another plan, including an individual retirement plan or a health savings account. Allows an exclusion from the gross income of an employee of up to $7,500 ($10,000 for employees with one or more dependents) for employer contributions to a flexible spending arrangement. Provides for a cost-of-living adjustment to such exclusion amounts beginning in calendar year 2007.

Sponsor

• Sen. Olympia Snowe [R, ME]
• and 2 Co-Sponsors
  • Sen. Jeff Bingaman [D, NM]
  • Sen. Christopher Bond [R, MO]
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.555

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
February 12, 2007

Related Issue Areas:

• Taxation
• Accident insurance
• Business
• Children
• 17 more
• Cost of living adjustments
• Day care
• Economic policy
• Employee health benefits
• Finance
• Flexible benefit plans
• Health insurance
• Health policy
• Income tax
• Insurance premiums
• Labor
• Life insurance
• Long-term care insurance
• Medical care
• Self-employed
• Small business
• Tax exclusion

In the News

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Blog Coverage

April 20, 2008 Woche 4 Review

zur Post, den Käse verschicken an Oma/Opa. - WISO-Rechenzentrum verlängern (11:45). In Business Englisch sehr gut aufpassen und mitmachen (12-14). - Statistikvorbereitung: Mathe verständlich (S. 516-S. 555) (10-11, 15-17) ...

Source: The Adventures of K.
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April 14, 2008 Woche 4 Review

zur Post, den Käse verschicken an Oma/Opa. - WISO-Rechenzentrum verlängern (11:45). In Business Englisch sehr gut aufpassen und mitmachen (12-14). - Statistikvorbereitung: Mathe verständlich (S. 516-S. 555) (10-11, 15-17) ...

Source: The Adventures of K.
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April 13, 2008 Woche 4 - 14.4-20.4

516-S. 555) (10-11, 15-17). - Englisch nacharbeiten 15 Minuten und Hausaufgaben machen. (17:30-18:30). Dienstag:. - Statistik (10-12). - Finanzwirtschaft (14-16). - Statistik/FiWi nacharbeiten jeweils 30 Minuten. (17-18) ...

Source: The Adventures of K.
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