As we step into the new year, the IRS has unveiled the much-anticipated cost of living adjustments for 2024 under various provisions of the Internal Revenue Code. These adjustments bring changes that may impact your employee benefit plans. Let’s delve into some key areas affected by these adjustments. Cafeteria Plans – Health Flexible Spending Arrangements: For plan years beginning in 2024, the annual contribution limitation under Code Section 125(i) for voluntary employee salary reductions to health flexible spending arrangements (health FSAs) has increased to $3,200 from $3,050. Additionally, for plans allowing the carryover option, the maximum unused amount from a health FSA plan year that begins in 2024 and can… Read More
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