SIMPLE Cafeteria Plan Act of 2007

Summary

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 and 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.

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Timeline

1. 12 February 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1859-1861)

   Source: IntroReferral

2. 12 February 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S1857-1859)

   Source: IntroReferral

3. 12 February 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 February 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 February 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 February 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 February 2007

  Open at official source

Sponsors

• Rep. Snowe, Olympia J. [R-ME-2] · R · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Sen. Bingaman, Jeff [D-NM] · D · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.