The IRS Announces Employee Benefit Plan Limits for 2020

Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2020. Although some of the limits will remain the same, most of the limits will increase for 2020.

The annual limits for the following commonly offered employee benefits will increase for 2020:

Employers should update their benefit plan designs for the new limits and make sure that their plan administration will be consistent with the new limits in 2020. Employers may also want to communicate the new benefit plan limits to employees.

HSA and HDHP Limits

Employee Benefit Plan Limits for 2020

FSA Limits

Employee Benefit Plan Limits for 2020

Transportation Fringe Benefits Limits

Employee Benefit Plan Limits for 2020

Adoption Assistance Benefits Limits

Employee Benefit Plan Limits for 2020

Qualified Small Employer HRA (QSEHRA) Limits

Employee Benefit Plan Limits for 2020

401(k) Contributions Limits

Employee Benefit Plan Limits for 2020

Other recommended resources for Employee Benefit Plan Limits for 2020 include the following:

This overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.

If you have any further questions, contact the Employee Benefits Management Group (EBMG) at Rose & Kiernan, Inc. here or by calling (800) 242-4433.

Post a Comment

Your email address will not be published. Required fields are marked *

Related Posts

health savings accounts (HSASs)
A Guide to Health Savings Accounts (HSA) Compliance for 2020

As we approach open enrollment 2020, Rose & Kiernan, Inc. would like to go over key features of HSA compliance.

Read More

aca december 14th ruling
Reminder: Affordable Care Act (ACA) Pay or Play Penalties Still Apply – With a Decreased Affordability Percentage for 2020

As we plan for 2020, most employers are already familiar with including the ACA’s employer shared responsibility provision – often called the employer mandate or “play or pay” into their process.

Read More

2020 health insurance renewal rates
Potential Factors Impacting Your 2020 Health Insurance Renewal Rates

In 2019 there have been a number of legislative updates which are bound to impact 2020 health insurance renewal rates for many employers, particularly in New York state.

Read More