Today, the IRS announced several Cost of Living Adjustments (COLA). Increases were made to the Health FSA and Carryover as well as Commuter Benefits
- Health FSA (full and Limited) – the new limit is set at $2850
- Carryover – The new limit is set at $570a
- Commuter – The new limit is set at $280 (this applies independently to Parking and Transit Accounts under parity)
- Highly Compensated Individual Definition- the salary limit for classifying a highly compensated individual increased to $135,000
Our team is committed to keeping you informed and being a resource for you. If you have any questions regarding this email or any other compliance matter, please feel free to reach out to us.
