November 16, 2018
Yesterday the IRS released Revenue Procedure 2018-57, which contains adjustments for various tax-related amounts that are indexed for inflation. As indicated in this guidance:
In light of these increases, employers should review the plan documents governing the health FSAs and/or transportation plans to determine whether these increases are automatically incorporated into the plans. It may be necessary to amend the plans to adopt the increased limits (if the plans do not automatically incorporate them and the employer intends to implement the increases in 2019) or reject the increased limits (if the plans automatically incorporate them but the employer does not wish to implement the increases in 2019).
If you have any questions or need assistance amending your plan, please contact us.
As a leader in employee benefits law, Darcy Hitesman founded Hitesman & Wold in order to help public and private employers, insurers and third-party administrators nationwide stay informed and minimize the risk of non-compliance issues.
Hitesman & Wold provides a wealth of legal experience to their clients in the areas of ERISA, COBRA, HIPAA, Health Care Reform, welfare plans, cafeteria plans, HRAs, and VEBAs.
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