The IRS recently announced new contribution limits for Healthcare Flexible Spending Accounts (FSAs), the Transit/Parking Reimbursement Program (T/PRP), and retirement accounts. If you have already made your Open Enrollment elections, you have until Friday, November 17, 2023 to make changes to the benefits choices you’ve made. Here is more information:
Healthcare Flexible Spending Accounts
- The annual maximum contribution to a Healthcare FSA will increase from $3,050 to $3,200 for 2024. You can elect between $120 and $3,200 to cover out-of-pocket eligible healthcare expenses for yourself, your spouse and your children, even if you waive coverage for yourself or your family under Columbia University benefits plans. In addition, the maximum amount of unused Healthcare FSA funds that can be carried over from 2024 to 2025 will be $640, an increase from $610 for 2023 to 2024. As a reminder, there is no rollover permitted for Dependent Care FSA funds.
- To enroll or change your 2024 Healthcare FSA contribution amount, you must do so before Open Enrollment ends, Friday, November 17, 2023. Log in to the Columbia University Benefits Enrollment System (CUBES), and click on “Get Started” or “Make Changes” to enroll or modify your tax savings account elections.
Child Care Benefit
- Eligible faculty and staff can elect to receive up to a $5,000 contribution from Columbia to a Dependent Care FSA for the 2024 calendar year, at no cost to you. To be eligible for this benefit, you must meet these criteria.
- To change your contribution amount or to start contributing, log in to CUBES and click on “Get Started” or “Make Changes”.
Transit/Parking Reimbursement Program
- Beginning January 1, 2024, the maximum monthly contribution for the Transit/Parking Reimbursement Program (T/PRP) will increase from $300 to $315 for both Transit and Parking.
- To increase your T/PRP contribution to the new amount effective January 1, 2024, log in to CUBES and click on “Get Started” or “Make Changes”.
Retirement Contributions
- Beginning January 1, 2024, the maximum annual base contribution for the Voluntary Retirement Savings Program will increase to $23,000. The annual catch-up contribution limit for individuals age 50 or over remains at $7,500.
- To change your contribution amount or to start contributing, log in to CUBES and click on Retirement from the top menu.
Questions?
- If you have questions about your benefits, contact the Columbia Benefits Service Center by phone: 212-851-7000, or email: [email protected].
