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IRS announces 2023 contribution and benefit limits

The Internal Revenue Service (IRS) has announced its dollar limitations affecting qualified retirement, medical Flexible Spending Accounts (FSAs), and Healthcare Savings Accounts (HSAs) for 2023.

  • The contribution limit for retirement plans is $22,500.
  • The catch-up contribution limit on the retirement plans for employees aged 50 and over is $7,500.
  • The Medical Flexible Spending Account (FSA) contribution limit is $3,050.
  • The Healthcare Savings Account (HSA) contribution limits will increase to $3,850 for single and $7,750 for family.

If you wish to increase your annual contribution to the FSA maximum amount of $3,050 or to the HSA maximum amounts for 2023, you will need to 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 retirement forms on the Human Resources website. You will need to scroll down, click on “Retirement” to see the list of relevant forms and select the Supplemental Retirement Account Form for your specific retirement plan.

For more information, visit the 2023 benelect open enrollment website.

Those with questions can email or call the HR Service Center at 216.368.6964.