November 12, 2018

Employees encouraged to make final 2018 HSA contribution adjustments by Friday, retirement contribution adjustments by Nov. 30

As the final pay dates for the year approach, Human Resources encourages employees to review their health savings account  contributions as well as their retirement contributions for 2018.

HSA contribution adjustments

Employees are asked to review their health savings account contributions and university contributions -- including incentive pay from the Healthy Boiler Wellness Program -- and make any adjustments via Benefitfocus no later than Friday (Nov. 16) to ensure they do not exceed IRS annual contribution limits for 2018. Keep in mind, if an employee’s spouse also receives or makes contributions to an HSA through Purdue or another employer, employee and spouse must collectively adhere to the contribution maximum family limit.

As a reminder, the 2018 limits for total combined HSA contributions are:

* $3,450 for single coverage.
* $6,900 for family coverage.
* Additional catch-up contribution of $1,000 for those who are over 55.

See the “HSA One-Time Contribution Instructions” PDF for detailed instructions.

From Nov. 17 to Dec. 10, employees who need to make HSA adjustments to avoid exceeding contribution limits for 2018 must email Human Resources at hr@purdue.edu in order for manual adjustments to be made.  

No HSA contribution changes can be made between Dec. 11 and Dec. 31. HSA contributions in excess of the IRS annual contribution limits are taxable and are generally subject to a 6 percent excise tax. 

Retirement contribution changes

Any changes to retirement contributions must be made via Fidelity no later than Nov. 30. To access account information and make changes, log onto Fidelity Net Benefits. Visit the Fidelity website or contact the local Fidelity Investor Center at 800-544-6868 for assistance.

Questions

Any questions on HSA contributions can be directed to Human Resources at 765-494-2222, toll-free at 877-725-0222 or via email at hr@purdue.edu.


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