The IRS has released 2016 annual limits for employee benefit plans, including the following:
- The maximum retirement plan annual elective deferral remains unchanged at $18,000, and the catch-up contribution (age 50+) remains unchanged at $6,000.
- The health FSA plan year maximum employee election remains unchanged at $2,550. The dependent care FSA calendar year maximum benefit remains unchanged.
- The HSA calendar year maximum contribution for single coverage remains unchanged at $3,350, but for family coverage the maximum contribution increases from $6,650 to $6,750.
- The transit limit remains unchanged at $130 per month. The parking limit is increasing from $250 to $255 per month.
Click here for our detailed table of IRS employee benefit plan limits.
UPDATE: In December 2015, the Consolidated Appropriations Act increased the monthly transit limit to match the monthly parking limit retroactively from January 2015 going forward. The new monthly transit limit for 2015 is $250 and for 2016 is $255.