article thumbnail

IRS Announces 2023 Increases to Qualified Retirement Plan Limits

Proskauer's Employee Benefits & Executive Compensa

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. Qualified Defined Benefit Plans. Increase from 2022 to 2023.

article thumbnail

Importance of Employee Benefit Package And Why it Matters

HR Digest

Health care flexible spending accounts 3. Pension or retirement savings plan 3. The government and the health care sector are working to create plans that small businesses can afford, but at the same time they want to protect their employees. Retirement Plans Employers usually offer retirement plans.

article thumbnail

AMERICAN RESCUE PLAN ACT CONTAINS MANY EMPLOYEE BENEFITS RELATED PROVISIONS

Benefits Notes

All group health plans that provide major medical benefits subject to federal COBRA rules are subject to the ARPA COBRA rules. This includes self-funded and fully-insured plans, multi-employer plans, and governmental employer plans. Health care flexible spending accounts are not subject to the ARPA provisions.