2024 Employee Benefit Plan Limits
Posted in: Benefit Minute
The IRS recently announced cost-of-living adjustments to the applicable dollar limits for various employer-sponsored welfare plans for 2024. Some of the dollar limits currently in effect for 2023 will remain the same, but most limits will increase in 2024.
Employers should update payroll and plan administration systems for 2024 and incorporate the new limits in relevant employee communications, like open enrollment materials and benefit summaries.
Access a table that compares the dollar limits for certain employee benefit programs here.
Disclaimer: The information provided in this bulletin does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available through this bulletin are for general informational purposes only.
