On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates. Employers, many of whom are in the midst of or have already completed open enrollment for 2024, will need to review these limits as soon as possible. Employer action may include, for example, determining whether enrollment portal updates and communications to participants are necessary. For employees who have already made 2024 elections without the benefit of the new dollar limits, employers may need to reach out to these employees to inform them of the new amounts and consider implementing a new election window.
IRS Announces 2024 Employee Benefit Plan Limits
Posted In Employee Benefits, Health and Welfare Plans
Tags: 401(k), 403(b), 457(b), employee benefit programs, Employee Stock Ownership Plan (ESOP), health flexible spending accounts, Health Savings Accounts (HSA), High Deductible Health Plans (HDHP), Internal Revenue Service, IRS, Retirement Plans, Social Security Administration, Social Security wage base
Jeffrey HoldvogtJeffrey (Jeff) M. Holdvogt regularly counsels public and privately held companies and tax-exempt organizations on a wide range of employee benefits matters. These include the design and administration of complex pension, 401(k) and 403(b) plans, nonqualified and executive deferred compensation arrangements, fiduciary and plan investment issues under the Employee Retirement Income Security Act (ERISA), internal compliance reviews and voluntary correction filings, and benefit plan matters arising from mergers and acquisitions, as well as other ongoing day-to-day retirement and executive compensation issues. Read Jeff Holdvogt's full bio.
Jacob MattinsonJacob M. Mattinson focuses his practice on employee benefits and matters related to 401(k), 403(b), pension, executive compensation, health care reform, and cafeteria and welfare plans. Jacob assists clients in drafting employee benefit plan documents and amendments. He represents clients in matters before the Internal Revenue Service (IRS), US Department of Labor (DOL) and Pension Benefit Guaranty Corporation with respect to plain qualification issues. Read Jacob Mattinson's full bio.
Brian TiemannBrian J. Tiemann counsels public and private companies on a broad range of employee benefit matters, including matters related to pension plans, 401(k) plans and executive and incentive compensation. He advises plan fiduciaries with respect to their fiduciary duties, investment policies and alternative investments. He also advises multinational clients on global employee benefits matters, particularly with respect to global incentive compensation plans. Brian has extensive experience negotiating investment management agreements and service provider agreements. Read Brian Tiemann's full bio.
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