Healthy Boiler

2022 IRS contribution limits for HSA, voluntary retirement announced

For 2022, IRS contribution limits for Health Savings Accounts (HSAs) are as follows:

  • $3,650 for employee-only coverage
  • $7,300 for family coverage (employee + one or more)

Keep in mind, individuals are responsible for assuring that total contributions to their HSA from all sources combined – including University contributions, any funds earned via the Healthy Boiler Wellness Incentive and any funds contributed by a spouse (employee and spouse must collectively adhere to the contribution maximum family limit), if applicable – do not exceed the limits above. As a reminder, these assume an individual is eligible for the HSA all year. If not, the amounts would be pro-rated. Changing plan tiers midyear (i.e., from family to individual) will also impact the limits. Age may also affect the limits. For instance, those age 55 and over – or those who will turn age 55 any time during the plan year – are eligible to contribute an additional $1,000 “catch-up” contribution to their HSA above the set IRS limit. The HSA Interactive Tool can be used to navigate the HSA eligibility rules.

More information on HSAs is available here.

New HSA Bank cards for 2022

As a reminder, many HSA Bank cards are expiring at the end of the year for those who have had a card since 2018. Renewal cards are automatically triggered 45 days prior to expiration, so new cards will start arriving in home mailboxes at the end of November, and all should be received by mid-December. For those new to HSA Bank, welcome letters and ID cards should be received by the end of December. HSA Bank Cards are sent in plain envelopes for security reasons.

IRS announces 2022 limits for voluntary retirement savings plans

Retirement plan contribution limits are set annually by the IRS and communicated each fall for the upcoming calendar year. The recently released 2022 limits will offer employees the opportunity to contribute more toward their retirement savings.

For 2022, the 403(b) and 457(b) Voluntary plan limits increase to $20,500 per plan, up from $19,500 in 2021.

Employees who are turning at least 50 years old during the 2022 calendar year may make additional catch-up contributions. The maximum catch-up contribution remains at $6,500 per voluntary plan for 2022.

To access account information and make changes, including updates to voluntary contributions, log in to Fidelity NetBenefits. Fidelity retirement planners are available to assist with helping faculty and staff understand their retirement programs and options. To make an appointment, schedule online or call 800-642-7131.

Fidelity – Purdue’s official retirement partner

Fidelity became Purdue’s main retirement plan recordkeeper, official provider of education, guidance and assistance related to retirement plan investments and decisions in 2011. Although other organizations may advertise retirement services and call or email Purdue employees, the University does not have business relationships with, nor does it endorse, other financial advisors.

Employees who receive unsolicited communications from other organizations are advised to clearly inform the callers that they wish to be removed from the call and/or email lists.

For employees with retirement accounts established prior to 2011, resources continue to be available from the account vendor. It is important to note separate recordkeeping and investment fees apply to funds held on recordkeeping platforms outside of Fidelity.

Assistance remains available through Fidelity to all individuals considering consolidating accounts.

Questions

Questions can be direct to Human Resources at 765-494-2222, toll-free at 877-725-0222 or via email at hr@purdue.edu.