On Friday, November 1, 2024, the Internal Revenue Service announced in Notice 2024-80 the cost of living adjustments applicable to dollar limitations for qualified retirement plans, and other limits for tax year 2025. The important limits are provided below: 401(k), 403(b) & 457(b) deferrals $23,500 Catch-up 401(k), 403(b) & 457(b) $7,500 415(c) Limit $70,000 Annual Compensation Limit $350,000 HCE Compensation Limit $160,000 Maximum Pension at age 62 $280,000 SIMPLE Deferrals $16,500 SIMPLE Catch-up $3,500 SEP Minimum Compensation $750 Key Employee Limit, Officer Test $230,000 IRAs for individuals age 49 & below $7,000 IRAs for individuals age 50 & above $8,000 The 2024… Read More
Awards program recognizes leading administrators and health plans for theirsuccesses in the healthcare payments field WALTHAM, Mass. – May 13, 2024 – Alegeus, the market leader in healthcare payment solutions, today announced the recipients of its ninth annual Alegeus Performance Excellence (APEX) Awards. The program recognizes leading administrators and health plans for their successes across categories such as innovation, account growth and partnership excellence. The 2024 APEX winners were honored during the annual Alegeus Partner Success Summit, held this week in Fort Lauderdale, Fla. Partners that earned the award demonstrated strong leadership and achieved exceptional business results using Alegeus technology…. Read More
May 09, 2024 Today, IRS issued Revenue Procedure 2024-25, which provides the 2025 cost-of-living contribution and coverage adjustments for HSAs, as required under Code Section 223(g). For a copy of Revenue Procedure 2024-25, click on the link below: RP-2024-25 (irs.gov) Annual HSA Contribution Amounts 2024 Contribution Limit 2025 Contribution Limit Coverage Type $4,150.00 $4,300.00 Individual $8,300.00 $8,550.00 Family $1,000.00 $1,000.00 Catch-Up Annual Maximum Out-of-Pocket (OOP) Limits for HDHP 2024 OOP Limit 2025 OOP Limit Coverage Type $8,050.00 $8,300.00 Individual $16,100.00 $16,600.00 Family Annual Minimum Deductible Amount Limits for HDHP 2024 Deductible Limit 2025 Deductible Limit Coverage Type $1,600.00 $1,650.00 Individual $3,200.00… Read More
