On March 5, 2018, the IRS released Rev. Proc. 2018-8, which recalculates several previously-announced 2018 benefit limits. The recalculation is a result of the Tax Cuts and Jobs Act, which legislated a particular method of calculating inflation for cost of living increases. Key 2018 benefit limit recalculations include:
In light of these recalculated 2018 benefit limits, employers should do the following:
For questions concerning the updated 2018 benefit limits, or any other employee benefits issue, please contact Norbert Kugele, Stephanie Grant, Kent Sparks or any member of the Warner Norcross + Judd Employee Benefits Practice Group.
