by Matt Gerard
on November 15, 2018
IRS Announces 2019 Cost-of-Living Adjustments for Welfare Benefit Plans
Thursday, Nov 15, 2018 the IRS issued Revenue Procedure 2018-57 which provides 2019 cost-of-living adjustments for inflation, as provided by the Internal Revenue Code. Listed below are some of the noteworthy limits and threshold updates:
Open enrollment for many employers may have already passed, and employees may have elected benefits based on the 2018 limits due to the late announcement of these 2019 limits. Revenue Procedure 2018-57 does not contain any expressly stated relief to employees who have made their elections without knowing the new 2019 limits.
Be sure to check www.nbsbenefits.com/limits for the latest information on all limits related to retirement, health, and welfare benefit plans as well as consumer-driven health care.
|Plan or Benefit Threshold||Maximum|
|Transportation Fringe Benefit – Parking||$265/month|
|Transportation Fringe Benefit – Transit Passes & Vanpooling||$265/month|
|Employer-Provided Adoption Assistance||$14,080*|
|Adoption Tax Credit Limit||$14,080*|
|QSEHRAs - Single||$5,150|
|QSEHRAs – Family||$10,450|