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IRS Announces New 2023 Health and Welfare Plan Limits

The IRS recently announced the following inflation-adjusted limits for 2023 for certain health and welfare plans:

  • Health flexible spending account limit: increased to $3,050.
  • Qualified transportation fringe benefit monthly limits for parking and transit: each increased to $300.
  • Adoption assistance program limit: increased to $15,950.
  • Qualified Small Employer Health Reimbursement Arrangement limit: increased to $5,850 for individual coverage and $11,800 for family coverage.

The above and other 2023 plan limits are available in Rev. Proc. 2022-38 here.

The lawyers of our Employee Benefits and Executive Compensation Practice Group are readily able to assist companies on a nationwide basis with implementing sophisticated benefit plans and providing answers to their most challenging compensation issues. Additionally, our lawyers are well aware of the daily employee benefits challenges facing companies of all sizes and are capable of helping in-house lawyers and human resources personnel with the day-to-day advice and guidance necessary to properly administer employee benefits plans.

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