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Retirement Plan Limits Announced for 2022

The Internal Revenue Service (“IRS”) announced the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2022.  These adjustments can be found in greater detail in IRS Notice 2021-61 at https://www.irs.gov/pub/irs-drop/n-21-61.pdf.  Following is a chart summarizing some of these adjustments:

401k Plan Limits20222021
401k Elective Deferrals2050019500
Annual Defined Contribution Limit6100058000
Annual Compensation Limit305000290000
Catch-Up Contribution Limit65006500
Highly Compensated Employees135000130000
Non 401k Related Limits  
403(b)/457 Elective Deferrals2050019500
Catch-Up Contribution Limit 403(b)/45765006500
SIMPLE Employee Deferrals1400013500
SIMPLE Catch-Up Deferral30003000
SEP Minimum Compensation650650
SEP Annual Compensation Limit305000290000
Social Security Wage Base147000142800
Annual Defined Benefit Limit245000230000
Key Employee200000185000

Provided by Wiss’ Employee Benefit Plan Group

  • Craig R. Erickson – Partner
  • Cindy Sandomenico – Director
  • Laura Zindel – Director

EBP, employee benefit plan, IRS, retirement

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