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IRS Announces 2023 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2022-24) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2023. All of the dollar limits currently in effect for 2022 will change for 2023, with the exception of one limit. The HSA catch-up contribution for individuals ages 55 and older will not change as it is not subject to cost-of-living adjustments.

The table below compares the applicable dollar limits for HSAs, HDHPs and excepted benefit HRAs for 2022 and 2023.

NEXT STEPS

Plan sponsors should update payroll and plan administration systems for the 2023 cost-of-living adjustments and incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents and summary plan descriptions.

For further information about applying the new HSA, HDHP and excepted benefit HRA plan limits for 2023, please contact your regular McDermott lawyer or one of the authors below.




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IRS Announces 2022 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs

The Internal Revenue Service recently announced cost-of-living adjustments to the applicable dollar limits for health savings accounts, high-deductible health plans and excepted benefit health reimbursement arrangements for 2022. Some of the dollar limits currently in effect for 2021 will change for 2022.

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Structuring Private Equity Deals in 2017: Considerations for Buyers While They Wait for the Sun Capital Appeals to Play Out

Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund has been analyzed extensively over the past four years, as it has made its way from the US District Court for the District of Massachusetts to the First Circuit Court of Appeals and back again. With the case once again on appeal, we must wait to see how the latest court decision will further influence the structure of private equity deals. In the meantime, private equity funds should use the most recent District Court and First Circuit Sun Capital decisions as a road map for structuring deals where the target portfolio company has defined benefit pension plan or multiemployer pension plan liabilities.

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Same-Sex Partner Benefits: Now What?

Please join McDermott Will & Emery partner, Todd Solomon, at a Worldwide Employee Benefits (WEB) Network Chicago Chapter event that will cover recent developments in same-sex partner benefits.

A much-anticipated Supreme Court ruling overturned a key part of the federal Defense of Marriage Act, or DOMA. That much is clear. What is less clear is what long-term impact this will have on employer-sponsored retirement and health benefit plans.  How do the federal tax laws apply to health benefits provided for same-sex spouses? How should retirement plans treat same-sex spouses who did not receive a qualified joint and survivor annuity as a default form of benefit? Following this ruling, should plan sponsors consider adopting a definition of spouse based on state law?

If you are confronting these and or other practical questions, you will not want to miss our session focusing on the most recent developments in same-sex partner benefits.

Wednesday, August 28, 2013
11:30 am – 12:00 pm CDT – Lunch
12:00 pm – 1:00 pm CDT – Program

McDermott Will & Emery
227 W. Monroe Street
Chicago, IL 60606-5096

To register and learn more, please click here.




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