On October 21, 2015, the IRS released cost of living adjustments for 2016 under various provisions of the Internal Revenue Code (the Code). Some of these adjustments may affect your employee benefit plans. The Affordable Care Act (ACA) amended Section 125 to place a $2,500 limitation under Section 125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements, subject to inflation for plan years beginning after December 31, 2013.
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