On February 18, 2021, the IRS issued Notice 2021-15, which provides guidance with regard to a number of provisions of the temporary changes to the rules related to the operation of health and dependent care flexible spending accounts that were included as part of the Consolidated Appropriations Act, 2021 (the “New Law”), and also provides for an additional exception from the standard rules regarding Section 125 plan (often referred to as cafeteria plans or flexible benefits plans) election changes not found in the New Law. This alert reviews the changes made in the New Law, and highlights some of the additional guidance included in Notice 2021-15. The changes made by the New Law and the additional exception from standard rules provided under Notice 2021-15 with regard to election changes all continue to reflect optional provisions that plans can offer; the changes are not required to be implemented.