The Internal Revenue Service (IRS) released the 2017 annual limits affecting group health plans. Notable changes include:
- Health Flexible Spending Account (FSA) – increased from $2,550 to $2,600
- Health Savings Account (HSA) – increased from $3,350 to $3,400
Additional annual limits can be found:
- Employee benefits: https://www.irs.gov/pub/irs-drop/rp-15-53.pdf
- Retirement: https://www.irs.gov/uac/newsroom/irs-announces-2016-pension-plan-limitations-401-k-contribution-limit-remains-unchanged-at-18-000-for-2016
In addition, New Jersey announced the Temporary Disability Benefit, which has increased from $615 to $633 per week and the taxable wage base has increased from $32,600 to $33,500. For additional information, visit: https://lwd.state.nj.us/labor/roles/legal/2016legindex.html
For further IRS tools and resources, visit USI’s federal compliance resources page.