FSA Contribution and Other Benefits Limits Rise for 2020
The IRS announced an increase to flexible spending account (FSA) contribution limits for the 2020 plan year.
Individuals can contribute $2,750 in 2020, up $50 from the previous year.
Since this announcement came so late in the year, some employers may not use the updated figures in their benefits limits—as doing so would require an addendum.
In fact, some employers have been known to use limits from the previous year because they cannot wait until this far into the enrollment season to release benefits materials.
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