This month's Benefits Buzz announces the new FSA contribution limits and discusses the DOL's new proposed method for retirement plan disclosures.
Many employee benefits (such as HSAs, health FSAs and transportation fringe benefit plans) are subject to annual dollar limits that are periodically updated for inflation. This Compliance Overview includes a chart of the inflation-adjusted limits for 2020.
This month's Benefits Buzz explains the inflation-adjusted health savings account and high deductible health plan limits for 2020 and discusses the Equal Employment Opportunity Commission's plans to issue amended regulations related to wellness program incentives by December 2019.
The IRS has released the inflation-adjusted limits for HSAs and HDHPs for 2020. These limits include: (1) the maximum HSA contribution limit, (2) the minimum deductible amount for HDHPs, and (3) the maximum out-of-pocket expense limit for HDHPs. This Compliance Bulletin shows the new limits for 2020, as compared to the limits for 2019.
The ACA imposes a maximum dollar limit on employees' salary reduction contributions to a health FSA. Although the ACA set this limit at $2,500, the limit is indexed for cost-of-living adjustments each year. On Nov. 15, 2018, the IRS announced that, for taxable years beginning in 2019, the dollar limit on employees' salary reduction contributions to a health FSA will increase to $2,700. This ACA Compliance Bulletin explains the indexed health FSA limit for 2019.
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