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IRS Reduces 2024 Affordability Percentage
Williams Mullen 
[Guidance Overview] Sept. 28, 2023 "IRS Rev. Proc. 2023-29 set the lowest affordability percentage since the implementation of the ACA, following a three-year trend of reduction.... Under the FPL safe harbor, the employee contribution cannot exceed 8.39% of the FPL, which for 2024 in the mainland United States is $14,580 annually, or $101.94 per month (down from $103.28 per month in 2023). Employers that set employee contributions based on the exact FPL safe harbor dollar amount will need to reduce the required employee contribution for the 2024 plan year." MORE >> |
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