HSA or FSA: What Should You Choose?

2024 Contribution Limits for Reimbursement Accounts

Commuter Benefits, FSA, HSA, Open Enrollment, Parking, Participant, Reimbursement Accounts, Transit

  On Thursday, November 9, 2023, the IRS announced the 2024 contribution limits for reimbursement accounts. Here are the new annual limits for account holders beginning on January 1, 2024.   2024 Contribution Limits for FSAs   Health FSA For 2024, the Health Flexible Spending Account annual maximum contribution will increase by $150 to $3,200…

Learn More

2024 Contribution Limits Released for Retirement Plans

Participant, Retirement, Retirement Plan Services

  On November 1, 2023, the IRS announced inflation adjusted amounts for 2024 retirement plans. Contribution limits to 401(k), 403(b) and 457 Plans are receiving an increase for 2024.  Below is an outline of the 2024 contribution limits for retirement plans effective January 1, 2024.   401(k), 403(b), 457 Plans 2023 2024 Elective Deferral Limit…

Learn More

Illinois Commuter Benefits Ordinance

Commuter Benefits, Employee Benefits, Employer, Reimbursement Accounts

Chicago River with boats and traffic from above in the morning   Illinois recently enacted a law encouraging public commuter transportation to and from work.  The Transportation Benefits Program Act begins January 1, 2024.  Under the Illinois Commuter Benefits Ordinance, qualified employers must offer eligible employees a pre-tax commuter benefit.   2024 Illinois Commuter Benefits…

Learn More

New P&A Mailing Address

Employer, P&A Group, Participant

    After many years located in downtown Buffalo, N.Y., P&A is relocating its headquarters!  We will be moving to Williamsville, NY (a nearby suburb for those outside the Western New York area).  Effective Monday, July 24th, P&A will be operating from its new location.   New P&A Mailing Address The only change is our…

Learn More

PCORI Fees Due July 31, 2023

Employer, Health Care Reform, Health Reimbursement Arrangements

  If your organization provides a Health Reimbursement Arrangement (HRA) or Medical Expense Reimbursement Plan (MERP), the upcoming deadline to file the 2022 PCORI fees is quickly approaching.  Employers who offer either of these plans must submit the annual PCORI fee by July 31, 2023.  The deadline applies to all plans that ended in 2022.…

Learn More

IRS Releases HSA Limits for 2024

Employer, Health Savings Account, HSA, Participant

  On May 16, 2023, the IRS released the inflation-adjusted amounts for Health Savings Accounts for 2024.  Among the changes are increases to the minimum High Deductible Health Plan (HDHP) amounts for single coverage ($1,600) and family coverage ($3,200). Below is a table with the updated HSA limits for 2024, effective January 1, 2024.  …

Learn More