Rail Agreement Employee:
NJ Transit’s Flexible Spending Account (FSA) 2022 Open Enrollment is ongoing through November 30th. The FSA program allows you to set aside pre-tax earnings to pay for eligible health care or dependent care expenses. Pre-tax funds are deducted from each paycheck and automatically deposited into an FSA account. You decide how much to contribute tax-free (subject to regulatory requirements) for the year.
You may elect to participate in the Medical FSA, a Dependent Care FSA, or both.
For existing 2021 FSA participants, if you choose to continue to participate you are required to re-enroll for the 2022 calendar year.
Medical FSA allows you to pay for eligible expenses that are not covered by the health plan such as deductibles, coinsurance, dental care and vision care. The total amount you choose to contribute for the year is available on the first day of the plan year (January 1, 2022). Please note that, per IRS guidelines for calendar year 2022, you may carry over the full calendar year 2021 balance (as of 12/31/2021) to calendar year 2022.
Dependent Care FSA allows you to pay for daycare expenses for your dependent children under age 13 or for older dependents not capable of self-care needed to allow you to work. The amount you choose to contribute must accumulate in your account before you can request reimbursement. Please note that, per IRS guidelines for calendar year 2022, you may carry over the full calendar year 2021 balance (as of 12/31/2021) to calendar year 2022.
As of the printing of this letter, the IRS has not announced the Medical FSA limits for 2022. Please note that FSA limits are subject to regulatory requirements.
For reference, the 2021 Medical FSA and 2022 Dependent Care FSA Limits are as follows:
Minimum Maximum
Medical FSA (unreimbursed medical expenses): $240.00
Dependent Care FSA (childcare and adult care expenses): $240.00 $5,000
As a Rail Agreement employee, if you elect to waive medical coverage in the NJ TRANSIT medical plan, you are eligible to receive a $500 contribution toward your Medical FSA account for the calendar year. In order to receive this benefit, you will need to complete the FSA Enrollment Form indicating your election to waive medical coverage for 2022. Waiver monies cannot be applied towards a Dependent Care FSA account.
The deadline to submit your FSA Enrollment Form to the NJ TRANSIT Benefits Department is November 30, 2021.
Please email or fax completed forms to:
SECURE FAX: (201) 992-9307
OR
EMAIL: SRThomas@njtransit.com
If you have any questions, please contact Shonta Thomas at (973) 378-6035.
Best Regards,
NJ TRANSIT Employee Benefits Department
Enclosures: FSA Enrollment Form
FSA Participant Benefits
FSA Eligible Expenses Listing
