Today, the IRS released Revenue Procedure 2021-45 which provides the 2022 cost-of-living increases/annual limits for a variety of tax-advantaged benefit accounts and programs, including Flexible Spending Accounts. The below chart summarizes the increases that were made. You may also download a summary by clicking here.
For employers who currently allow the FSA maximum, OCA will automatically increase the new FSA maximum to reflect the 2022 IRS increase.
Note that this announcement did NOT confirm 2022 annual limits for Dependent Care Assistance Program (DCAP) elections. We will follow up if/when more information is received.