IRS Releases 2024 Benefit Plan Limits

November 15, 2023

News

Share this post:

The IRS recently released the 2024 benefit plan limits based on the annual cost-of-living adjustments in the Internal Revenue Code. These limits take effect beginning January 1, 2024. Final limits for health FSAs and DCAPs are still pending. Employers should update their Summary Plan Descriptions and other materials highlighting the annual dollar limits and watch for future developments.

Retirement Benefits

Welfare Plans & Fringe Benefits

This information has been prepared for UBA by Fisher & Phillips LLP. It is general information and provided for educational purposes only. It is not intended to provide legal advice. You should not act on this information without consulting legal counsel or other knowledgeable advisors.

Recent Insights

September 26, 2024

News

IRS Releases 2025 Limits for HDHPs and HSAs

Read Time: 5 MINUTES The IRS recently issued Revenue Procedure 2024-25 to announce the 2025 inflation-adjusted amounts that apply to health savings accounts (HSAs), excepted benefit health reimbursement arrangements (EBHRAs), and high-deductible health plans (HDHPs). The newly announced figures result in increases in the applicable limits for 2025, including the maximum contribution limit for an […]

September 12, 2024

News

IRS Answers Questions Regarding Tax- Favored Educational Assistance Programs

READ TIME: 4 MINUTES Employers can leverage educational assistance programs to enhance their workforce’s skills while providing tax benefits. On June 17, 2024, the IRS answered frequently asked questions related to educational assistance programs. Overview of Educational Assistance Programs An educational assistance program (EAP) is a written benefits plan provided by an employer to offer […]

September 12, 2024

Compliance Alert

August 2024 Compliance Recap

READ TIME: 7 MINUTES In August, the FTC ban on non-compete agreements was struck down by a court stating that the FTC did not have the power to implement the ban and that its application was too broad. The FDA approved new and updated COVID-19 vaccines for adults and children as part of the preventive […]

August 21, 2024

News

The Importance of a Wrap Plan

READ TIME: 3 MINUTES Section 402 of the Employee Retirement Income Security Act (ERISA) requires that every health and welfare plan must have a written plan document. A wrap plan is a document that bundles or “wraps” ERISA health and welfare benefits (medical, dental, and vision, for example) into a single plan. It is an […]