How are Federal IRS limits updated?
Edited
Federal IRS limits for HSAs and FSAs (healthcare, dependent care, and commuter) will be automatically updated in ALEX each year. This update usually happens one to two weeks after the official IRS update. This gives Jellyvision the time to thoroughly test the update and confirm ALEX’s calculations are working correctly.
Federal IRS limits for Retirement accounts are updated on the first of the year when the limits take effect. Since contributions to retirement accounts can typically be changed at any time throughout the year, we wait until the limits are in place to be sure employees are always seeing the current limits.
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