The IRS has released the 2024 limits for certain employee benefit plans and the dollar amounts used for certain nondiscrimination testing.  Health Flexible Spending Accounts. The 2024 limit for employee contributions to health flexible spending accounts will increase to $3,200. If a cafeteria plan permits the carryover… [Read more]

The IRS announced that starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s an increase of $500 from the 2023 limits. The catch-up contribution limit for employees ages 50… [Read more]

Beginning January 1, 2024, California employers will need to provide 40 hours or five days per year of paid sick leave, a 16 hour or 2 day increase per year over the current practice.  Employers have two (2) methods available when granting paid sick leave… [Read more]

Under section 603(c) of the SECURE 2.0 Act, catch-up contributions from participants in 401(k), 403(b), or governmental 457(b) plans earning $145,000 or more must be made as Roth contributions.  Initially, the provisions of section 603 applied to taxable years beginning after December 31, 2023. The… [Read more]

The Internal Revenue Service has issued Revenue Procedure 2023-29 to implement the 2024 index adjustments for certain Affordable Care Act (“ACA”) contribution percentages used to determine affordability under the law’s employer shared responsibility mandate. Background. Under the ACA, contribution percentages are used to determine: (i)… [Read more]