Effective January 1, 2024, employees in California will be entitled to additional paid sick leave (PSL). The amount of PSL that an employee can take in one year will increase: the use cap will increase to 40 hours or five days in a year from 24 hours or three days in a year [S.B. 616, L. 2023].

For 2024, the amounts that may be excluded from gross income for employer-provided qualified transportation fringe benefits and qualified parking increase to $315 per month ($300 in 2023).

For plan years beginning in 2024, the dollar limitation for voluntary employee salary reductions for contributions to health FSAs increases to $3,200 ($3,050 in 2023). For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount increases to $640 ($610 in 2023).

The IRS announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2024 [Notice 2023-75, 11-1-23].

IRC §415, which provides for dollar limits on benefits and contributions under qualified retirement plans, requires that the IRS annually adjust these limits for cost-of-living changes. The IRC also requires various other amounts to be adjusted at the same time and in the same manner as these dollar limits.

The limitation on the exclusion for elective deferrals under §402(g)(1) (e.g., §401(k) and §403(b) plans) increases to $23,000 (from $22,500).

The Office of Child Support Services (OCSS) released a revised version of the income withholding order for support form (IWO) and its instructions with no substantial changes [OCSS, AT-23-13, 10-5-23]. The revised IWO expires August […]

The IRS has released the optional “high-low” per diem rates for lodging expenses and meals and incidental expenses (M&IE) that may be used instead of the General Services Administration’s “actual” […]

The Social Security Administration (SSA) announced on Thursday, October 12, that the 2024 social security wage base will be $168,600, which is an increase of $8,400 from $160,200 in 2023 […]