Ready, Set…Learn

Our health savings account (HSA), flexible spending accounts (FSAs), and commuter benefits providers are changing from Optum and Navia to Forma.

To improve efficiency and to provide a better experience for you, Okta will be replacing the administrator for some benefits at the end of this year:

• Optum—the administrator for Okta’s HSA—will be replaced by Forma, effective January 1, 2023.
• Navia—the administrator for Okta’s FSAs and commuter benefits—will also be replaced by Forma, effective January 1, 2023.

Here’s what you need to know:

• You will stop using Navia for FSA reimbursements on December 31, 2022. Forma will manage all FSA reimbursements (including for 2022 expenses), beginning January 2023.
• The last commuter benefits order with Navia will be for December 2022. Forma will begin processing January 2023 commuter orders in early December 2022.
• If you will be enrolled in an HSA for 2023, you will have a new account through Forma. You will have the option to transfer your current HSA balance from Optum to Forma, or keep your old balance with Optum with a monthly administration fee.

What you will need to do:

• If you use any of these benefits, you will need to take action in November. You will receive instructions to:
• Elect whether you want to move your current HSA balance from Optum to Forma or keep it with Optum.
• File claims for 2022 FSA expenses.
• Place a commuter order with Forma for January 2023 or later.

Watch your email to learn more about this change over the next several weeks.

Okta has introduced a new financial wellness benefit, Northstar, available to all full-time, benefits-eligible employees as of September 6. With Northstar, you can work with certified financial planners on custom plans to help you meet your financial goals. Northstar financial planners can also help you with budgeting, saving, debt management, investing and more!

For more information on Northstar, including how to sign up, visit the Northstar Financial Wellness page on the Okta total rewards website.

For 2023, Okta will be increasing our HSA contribution from:

• $780 to $800 for employee-only coverage
• $1,518 to $1,600 for family coverage

As a reminder, Okta’s HSA contributions are funded per paycheck. This means you’ll receive $33.33 per paycheck for employee-only coverage and $66.66 per paycheck for family coverage.

In addition to the increase in Okta’s HSA contribution, the IRS has increased the annual contribution maximums for 2023. Together, you and Okta can contribute up to $3,850 (employee-only coverage) or $7,750 (family coverage). If you’ll be age 55 or older at any point in 2023, you can make an additional $1,000 catch-up contribution.

Important note: If you are currently enrolled in an HDHP + HSA plan, your per-pay-period contribution election will not carry forward to 2023. You need to take action in Workday to confirm your contribution for the coming year—for example, to increase your contribution to take advantage of new IRS limits or to decrease the amount you’re contributing now.

Your future is important to us and we’re always looking at ways to improve our offerings and set you up for long-term success. For that reason, we’re thrilled to announce a new 401(k) match structure. Starting January 1, 2023, Okta will provide dollar-for-dollar matching contributions, up to a quarterly maximum of $1,250.

As a reminder, you have the flexibility to manage your contribution elections at any time throughout the year on Fidelity’s website. To learn more about the new matching structure and the highlights of our 401(k), see the 401(k) Plan page on the Okta total rewards website.

Starting January 1, 2023, Okta will only offer HMSA to eligible employees in Hawaii. To learn more about HMSA, visit the Hawaii Medical Service Association website.