In order to avoid costly penalties and administratively burdensome correction procedures, plan sponsors must remain up-to-date with respect to applicable Health and Welfare plan limits. On October 26, 2016, the IRS announced cost-of-living adjustments affecting 2017 dollar limitations for Health and Welfare plans and other related Health and Welfare Benefits items. Some of the most commonly used business benefits are below, and the entire IRS publication can be found by clicking here. While some limits remain the same, there have been a number of adjustments.
This article originally appeared in Hall Benefit Law, LLC's October 2016 HR Alert.