In the fast-paced world of human resources, staying updated on the latest regulations and compliance requirements is crucial. The end of the year is a particularly busy for HR professionals and benefits administrators.  The IRS annually adjusts employee benefit plan limits for inflation, so employers need to update their plans accordingly. This blog post will guide you through the employee benefit plan limits for 2025 and offer a comprehensive year-end checklist to ensure compliance and preparedness. We also provide two downloadable resources to support your work:   2025 Employee benefits plan limits reference sheet.   2024 Year-end compliance checklist.   Comparing 2024 and 2025 limits  It's helpful to compare the benefit plan limits for 2024 and 2025 to understand the changes and prepare for the upcoming year.  [Download the full employee benefit plan limits for 2025]   Chart of inflation-adjusted limits: This comprehensive chart compares the 20...

IRS Announces Employee Benefit Plan Limits for 2024 On Nov. 9, 2023, the 2024 IRS employee benefit plan limits were released. Employers should review the increase in annual dollar limits, as many employee benefits are subject to annual dollar limits that are updated for inflation before the beginning of each calendar year. Note that some benefit limits are not adjusted for inflation, such as the contribution limit for dependent care flexible spending accounts and the catch-up contribution limit for health savings accounts. Employers should confirm that payroll systems are updated for the 2024 limits and that the new limits are communicated to employees. The following benefit limits apply for 2024: HSA Contributions Single coverage: $4,150 (up $300 from 2023) Family coverage: $8,300 (up $550 from 2023) Catch-up contributions: $1,000 (not adjusted for inflation) Health FSA Limits Employee pre-tax contributions: $3,200 (up $150 from 2023) Carryover of unused funds: $640 (up $30 from 202...