Dear Rail Agreement Employee:
NJ Transit’s Flexible Spending Account (FSA) 2023 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 2022 FSA participants, if you choose to continue to participate, you are required to re-enroll for the 2023 calendar year.
The Medical FSA has a carryover feature that allows you to carry over a balance from one calendar year to the next to reduce your risk of losing any unspent funds under the IRS “use or lose it” rule. Per IRS guidelines for calendar year 2023, you may carry over up to $570 of your calendar year 2022 balance (as of 12/31/2022).
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.
For reference, the 2023 Medical FSA and 2023 Dependent Care IRS FSA Limits are as follows:
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 2023. 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, 2022. 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
