The IRS has issued its annual employee benefit plan limitations for 2021. Key changes, also highlighted in the chart below, include the following:
- Code Section 415(c) maximum annual additions increased from $57,000 to $58,000.
- Compensation limit under Code Section 401(a)(17) increased from $285,00 to $290,000.
- HDHP Out of Pocket Maximum increased from $6,900 to $7,000 for self-only coverage and from $13,800 to $14,000 for family coverage.
- HSA Maximum Contribution Limit increased from $3,550 to $3,600 for self-only coverage and from $7,100 to $7,200 for family coverage.
- All adoption assistance limits and thresholds have increased.
- All QSEHRA and Archer MSA limits increased.