The IRS released the 2018 annual limits for employee benefit plans, including the following:
- The maximum retirement plan annual elective deferral increased to $18,500, but the catch-up contribution (age 50+) remains unchanged at $6,000.
- The health FSA plan year maximum employee election increases from $2,600 to $2,650. Employers who want to apply the increase at renewal, may need to contact their TPA.
- The HSA calendar year maximum contribution for single coverage increases from $3,400 to $3,450, and for family coverage the maximum contribution increases from $6,750 to $6,900.
- The transit and parking limits increase to $260 per month for each account.
Click here for our detailed table of IRS employee benefit plan limits.