The IRS has announced the dollar limitations for qualified retirement plans and Health Savings Accounts (HSAs) for 2022:
- The contribution limit for retirement plans has increased to $20,500.
- The catch-up contribution limit on the retirement plans for employees aged 50 and over remains the same at $6,500.
- The Healthcare Savings Account (HSA) contribution limits will increase to $3,650 for single and $7,300 for family.
If you wish to increase your annual contribution to the HSA maximum amounts for 2022, you can make a new election through HCM during open enrollment. Retirement contributions can be adjusted at any time during the year. If you wish to make an adjustment to your Supplemental Retirement Account (SRA) contribution, access the retirement forms on the Human Resources website. To find the appropriate forms, find the retirement section of the site and select the Supplemental Retirement Account Form for your specific retirement plan.
HSA contributions can also be adjusted at any time during the year by submitting an HSA Change Form; you can find the form in the Benelect forms section on the forms page.
At this time, the IRS has not released plans to adjust the medical flexible spending account limits; however, if this changes, an announcement will be made so that you can plan your enrollment accordingly.
For more information, visit the 2022 Benelect open enrollment website.
With questions, email AskHR@case.edu or call the HR Service Center at 216.368.6964.