Internal Revenue Services Flexible Spending Limit Changes Prompts Open Enrollment Extension
The Internal Revenue Service has just announced the 2022 tax year annual cost of living adjustment (COLA). As a result, flexible spending account limits for 2022 are increasing.
Pacific University’s annual Open Enrollment period for benefit-eligible employees ended on Friday, Nov. 5. However, to allow for any changes, Open Enrollment is now re-opened until 5 p.m. (PST) Monday, Nov. 22 .
Please see changes to FSA account limits below. The annual rollover amount has increased from $550 to $570.
2022 FSA Account Contribution Limits
- FSA Health - $2,850 (yearly maximum changed from $2750)
- FSA Transportation - $280 (monthly limit changed from $270)
- FSA Parking - $280 (monthly limit changed from $270)
- Dependent Care - $5,000 (no change)
Amount allowed to rollover: $570 (changed from $550)
To make any desired adjustments, please:
- Log into Paycom
- Go to Benefits
- Choose 2022 Benefit Enrollment
- On the right side of the page, select the account you would like to update
During this extended open enrollment period, updates may be made on other benefits-related selections as well.