The Internal Revenue Service (IRS) recently announced the annual cost-of-living adjustments to the dollar limits applicable to certain employer sponsored retirement, welfare and fringe benefit plans for 2025. In addition, the Social Security Administration (SSA) announced the taxable wage base amounts for 2025.
The table below provides the IRS and SSA limits for 2025 applicable to the various employer-sponsored retirement, welfare, and fringe benefit plans or programs listed below. The amounts for 2025 in the table below are based on information contained in IRS Notice 2024-80; IRS Rev. Proc. 2024-25; and SSA Press Release (10.10.2024).
The dollar limits in the table above are generally calendar-year limits; however, certain of the limits are applied based on a plan year, tax year or limitation year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
