on December 30, 2015
On December 18, 2015 President Obama signed a bill containing a provision which permanently increases transit benefit limits to retroactively set them at the same level as qualified parking limits starting January 1, 2015. In October, the Internal Revenue Service (IRS) announced adjustments to retirement and welfare benefit contribution limits for the 2016 tax year. The below table reflects the new changes to both the 2015 and 2016 limits for transit benefits.
The limits shown will impact the required non-discrimination rules for your benefit plan. As a result of choosing to partner with NBS for your benefit administration, NBS will ensure these complex tests and reports are performed for each of your benefit plans and all new contribution limits will be included.
Please refer to the table below for the 2016 contribution limits.
For more information, please call: (800) 274-0503