Summary of 2024 benefit-related cost-of-living adjustments 

The IRS, Pension Benefit Guaranty Corp., Social Security Administration, and Centers for Medicare & Medicaid Services issued 2024 cost-of-living adjustments for retirement, health and fringe benefit plans; Medicare; and Social Security and Supplemental Security income. Updates to this article reflect several recently published items, including the 2024 limits for retirement plans qualified in Puerto Rico, the IRS final covered compensation tables (matching Mercer’s projections) and the Affordable Care Act (ACA)’s 2024 employer shared-responsibility play-or-pay monthly contribution limit for noncalendar-year health plans using an affordability safe harbor based on the federal poverty line. As a reminder, Mercer’s accompanying 2024 quick benefit facts shows important retirement plan limits on one side, with key health, fringe benefit and ACA figures on the other.

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