[DAS_Centralized_PERS_Services_Team] FW: Maximum amounts at year end

[TOBIASSON Shauna M * DAS]

Sharing the PERS salary limit for 2023 below.

Thank you,


Shauna Tobiasson |  Senior CPERS Analyst
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
DAS Centralized PERS Services Team
Cell: 971-719-3173
Website: http://www.oregon.gov/DAS/Financial/payroll/Pages/index.aspx
“Tolerance and compassion are qualities of fearless people” – Paul Coelho


From: OSPS-News <osps-news-bounces at omls.oregon.gov> On Behalf Of Announcements from OSPS to the users of the Oregon State Payroll Application
Sent: Tuesday, February 7, 2023 9:09 AM
To: osps-news at omls.oregon.gov
Subject: Re: OSPS E-News ~ Maximum amounts at year end

Hello,

The PERS salary limit for 2023: $225,533.00


Best Regards,

Vangie Barizo
System Analyst
Oregon Statewide Payroll Services

Have questions regarding WD Payroll?
OSPS.Workday at das.oregon.gov<mailto:OSPS.Workday at das.oregon.gov>




From: BARIZO Evangeline * DAS
Sent: Wednesday, November 9, 2022 12:11 PM
To: osps-news at omls.oregon.gov
Subject: Maximum amounts at year end

Payroll Professionals,

We want to remind you about maximum amounts that impact taxes at year end. These include the 2022 maximum amounts for the Oregon Savings Growth Plan (OSGP), PEBB Flexible Spending Accounts (FSA), Social Security, and PERS.

Oregon Savings Growth Plan: Please contact Dee Monday at OSGP if your agency has employees retiring on 12/31/22 and are close to the 2022 deferred compensation maximum contribution limit of $20,500 (plus $6,500 for the catch-up contribution for employees over 50). This will help prevent a possible over-deferral for the 2022 tax year.  In addition, before the end of the year, OSGP will run an audit report for employees who contribute to both the Roth 457 IRA and the traditional 457 deferred comp. They will look for employees with combined contributions that may exceed the maximum for the tax year.

PEBB Flexible Spending Accounts: PEBB will run a report for employees who may exceed the maximum annual contribution amount for the Health Care FSA $2,750 or Dependent Care FSA $5,000 per household or $2,500 if married and file taxes separately. Watch for the reports from PEBB and process according to their instructions.

Social Security Taxes: For 2022, $147,000 is the maximum wage that is subject to social security. If you need to reverse a check or stop an ACH and re-write a November payment, determine if the employee has reached the maximum. If so, check to see if you need to recalculate the social security subject wages and taxes.

PERS: For 2022,  OSPA now caps all PERS subject wages at $210,582


As we anticipate the arrival of 2023, the following are the maximum amounts that impact taxes for tax year 2023.

Oregon Savings Growth Plan:  The new limit for 2023 is $22,500, with an additional $7,500 catch up for age 50+ for a total of $30,000.  If 2023 is one of the last three years preceding the calendar year of an employee’s normal retirement age, the employee may contribute up to $45,000

PEBB Flexible Spending Accounts: The maximum annual contribution amount for the Health Care FSA $2,850 or Dependent Care FSA $5,000 per household or $2,500 if you are married and file taxes separately.

Social Security Taxes: For 2023, $160,200 is the maximum wage that is subject to social security.

PERS - PERS has not updated their max subject wages for 2023.  Will send out communication at later date with any updates.



Best Regards,

Vangie Barizo
System Analyst
Oregon Statewide Payroll Services

Have questions regarding WD Payroll?
OSPS.Workday at das.oregon.gov<mailto:OSPS.Workday at das.oregon.gov>



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