Written for Bolton by Zack Fritz, Economic Advisor to BoltonFor more than a year, the economy has appeared to be on the verge of an inflection point. Inflation was supposed to peak, consumer demand was supposed to falter, labor shortages were supposed to abate, and the unprecedented rate of hiring …Continued
High inflation rates have caused unprecedented increases in 2023 benefit limits. The Social Security released the 2023 Social Security Wage Base in October 2022. All other retirement-focused 2023 limits are determined using an 8.3% increase, which represents the year-over-year increase in the avera…Continued
The IRS confirmed in Notice 2022-55 what we have been predicting - 2023 benefit limits reflect unusually large increases due to the highest inflation rates since indexing began. The final limits for 2023 are based on the 12-month change in the Consumer Price Index for All Urban Consumers (CPI-U) fo…Continued
On Oct. 18, 2022, the IRS released Revenue Procedure 2022-38 (Rev. Proc. 22-38), which includes the inflation-adjusted limit for 2023 on employee salary reduction contributions to health flexible spending accounts (FSAs). The release also includes cost-of-living adjustments for employee-qualified t…Continued
The Pension Benefit Guaranty Corporation (PBGC) recently published a proposed rule prescribing the assumptions that actuaries may use in determining the liability owed by an employer who withdraws from a multiemployer plan. The primary focus of the rule is on the interest rate assumption. Litigatio…Continued
