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Important Notice Regarding IRS 2015 Annual Election Maximums

The IRS released a notice yesterday providing guidance on the 2015 maximum allowances including the following coverage's:

*     Healthcare Flexible Spending Account FSA Maximum Election for 2015 is $2550 (up $50 from the 2014 maximum of $2500)
*     Transportation/Parking Plan Maximum Election for 2015: Transit $130 per month / Parking $250 per month
*     Adoption Assistance Program Maximum Election for 2015 is $13,400

Employers who want to increase their 2015 limit to reflect the new 2015 maximums may need to amend their plan documents if appropriate language has not already been included to allow for cost of living increases. Please contact our office at 800-437-3539 for more information or for questions regarding this notice.

You can read the entire release at http://www.irs.gov/pub/irs-drop/rp-14-61.pdf