The Internal Revenue Service released Revenue Procedure 2023-34 on November 9, 2023, which contains the 2024 inflation adjustments for various employee benefit plans, including health care flexible spending accounts, qualified transportation fringe benefits, and adoption assistance programs.
This Alert summarizes those limits as well as other health and welfare benefit plan limits announced earlier this year, and it also provides a brief summary of changes to the employer shared responsibility penalties under the Affordable Care Act (ACA). This Alert is generally applicable to all employers sponsoring health and welfare benefit programs.
