October 24, 2022
Important update to 2023 flexible spending account limits
The Internal Revenue Service has released updated maximum contribution limits for 2023 health care, limited purpose and commuter flexible spending accounts, or FSAs. Should you wish to update your contribution amounts for 2023, you may log into the Member Administration Portal and adjust your elections before Oct. 31. You can log in to the Member Administration Portal either by link or through HRIS Self-Service.
2023 FSA maximums:
- Health care FSA — ,050 per year.
- Limited purpose FSA — ,050 per year.
- Parking FSA — 0 per month.
- Mass transit FSA — 0 per month.
As a reminder, most 1xbet sports betting faculty and staff will not benefit from either the parking or mass transit FSA as parking payments are already payroll-deducted on a pre-tax basis. The state is making these plans available to employees who regularly pay cash for commuter parking and other mass-transit expenses.
Questions? Contact your benefits team anytime at benefits@1xbet sports betting edu.