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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.

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IRS Releases Annual Increases to Health FSA and Transportation Fringe Benefit Limits for 2024

Proskauer's Employee Benefits & Executive Compensa

On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below. The new limits are set forth below.

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Maximizing Health Savings and Financial Flexibility through a Well-Designed Benefits Package

Benefit Resource Inc.

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

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IRS Announces 2023 Increases to Health FSA and Transportation Fringe Benefit Limits

Proskauer's Employee Benefits & Executive Compensa

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below. Health FSAs. . Increase from 2022 to 2023.

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Annual Limits on Qualified Plans for 2024

Benefits Notes

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans.

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Celebrating 20 Years of Health Savings Accounts

Benefit Resource Inc.

Portability: Unlike Flexible Spending Accounts (FSAs), funds in an HSA roll over from year to year, allowing account holders to accumulate savings over time. This feature makes HSAs a unique and versatile financial tool for retirement planning.

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Importance of Employee Benefit Package And Why it Matters

HR Digest

Health care flexible spending accounts 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. Matching 401(k) contributions 2.