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:

1. Log into Paycom
2. Go to Benefits
3. Choose 2022 Benefit Enrollment
4. 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.