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The IRS recently announced cost-of-living adjustments to the annual dollar limits for employee benefit plans. Although some limits will stay the same, most of the limits will increase for 2020.
The bulletin states that the following employee benefits’ annual limits will increase for 2020:
- High deductible health plans (HDHPs) and health savings accounts (HSAs)
- Health flexible spending accounts (FSAs)
- Transportation fringe benefit plans
- 401(k) plans
Employers should update their benefit plan designs and communicate the new limits to their employees.
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