The IRS and the Social Security Administration recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.
The link below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 and 2023.
View 2023/2022 Plan Limits Table
Please note that LBS will automatically increase the Medical FSA maximum salary reduction limit for all clients except for those who have an amount less than the current maximum.
The Medical FSA carryover limit will only be increased if you amended your Medical FSA to allow for the carryover to be indexed in future years.
If your account does not want to increase to the Medical FSA maximum salary reduction limit or carryover limit, please contact your dedicated administrator.