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Updated 2015 Benefit Limits

With the recent release of Rev. Proc. 2014-61, all 2015 benefit limits have now been updated. This includes for the first time an update to the Health Flexible Spending Account limit. That limit has been increased to $2,550 from $2,500. We've compiled the complete list of changes for 2015 here.

For most Cafeteria plans, the language was recently updated to set the annual maximum at “The maximum amount permitted under Code section 125(i)”. Therefore, no plan document amendment will be required for the increase. If you are a current client of Kushner & Company for Flexible Spending Account administration, your account representative will be in touch with you shortly to discuss any impact to your plan.

Posted on October 30, 2014 by BEN COHEN, CEBS, PRACTICE LEADER, HEALTH AND WELFARE BENEFITS

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