IRS Benefit Limits for 2012
On October 20, 2011 the IRS posted changes related to various benefits for employees affecting everything from pension plans, 401k's, medical saving accounts, health savings accounts, and commuter benefit plans.
HR Concepts would like to assure our partners and clients that we will be updating our employee education documents, forms, and procedures to comply with these new changes in the coming weeks. In particular we are preparing updated educational materials for enrollment meetings in order to clarify the limits to pre tax benefits administered by HR Concepts. For those sponsoring or considering a Commuter Benefit Plan please note transit reimbursement account expenses will be dropping from $230/month to $125/month and parking reimbursement limits will be increasing from $230/month to $240. There are also minor increases in the High Deductible Plan Maximums for HSA plans. Please review the following highlights as you consider the employee benefit offerings in 2012. To see the most recent IRS announcement regarding benefit limit changes go here.