Health and Benefits Updates

Legislation Proposed to Expand Qualified Medical Expenses to Include Diapers

Senator Joni Ernst (R-IA) has introduced the Diaper Inclusion in Accounts for Parental Expense Reduction (DIAPER) Act. The bipartisan bill would allow the use of flexible spending accounts (FSAs) and health savings accounts (HSAs) to be used to purchase disposable infant diapers as qualified medical expenses. Any progress of the bill through Congress will be monitored, and details provided as they become available.

Legislative updates HSA

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 10, 2024, for New Hampshire severe winter storm and flooding.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Texas Hurricane Beryl

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 9, 2024, for Texas hurricane Beryl.