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NJ S3883
Bill
Status
11/18/2024
Primary Sponsor
Joseph Cryan
Click for details
AI Summary
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Requires public employee flexible spending account (FSA) contribution limits to align with federal limits under Internal Revenue Code Section 125(i), which are adjusted annually for inflation
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Applies to employees of the State, local governments, school districts, and independent State authorities, boards, commissions, corporations, agencies, and organizations
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Amends three existing statutes governing cafeteria plans for State employees (C.52:14-15.1a), school district employees (C.18A:16-19.1), and local government employees (C.40A:10-23.5)
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For 2024, the federal FSA contribution limit is $3,200, up from the original $2,500 cap established by the Affordable Care Act in 2013
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FSA salary reductions would continue to be treated as regular compensation for pension contribution calculations and retirement allowance amounts, while remaining tax-exempt under federal law
Legislative Description
Requires same limitation on public employee contributions to flexible spending accounts as provided by federal law adjusted for inflation.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
11/18/2024