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 Limits | 2023 | 2024 |
---|---|---|
401k Elective Deferrals | 20500 | 19500 |
Annual Defined Contribution Limit | 61000 | 58000 |
Annual Compensation Limit | 305000 | 290000 |
Catch-Up Contribution Limit | 7500 | 7500 |
Highly Compensated Employees | 135000 | 130000 |
Non 401k Related Limits | ||
---|---|---|
403(b)/457 Elective Deferrals | 20500 | 19500 |
Catch-Up Contribution Limit 403(b)/457 | 6500 | 6500 |
SIMPLE Employee Deferrals | 14000 | 13500 |
SIMPLE Catch-Up Deferral | 3000 | 3000 |
SEP Minimum Compensation | 650 | 650 |
SEP Annual Compensation Limit | 305000 | 290000 |
Social Security Wage Base | 147000 | 142800 |
Annual Defined Benefit Limit | 245000 | 230000 |
Key Employee | 200000 | 185000 |
Provided by Wiss’ Employee Benefit Plan Group
- Craig R. Erickson – Partner
- Cindy Sandomenico – Director
- Laura Zindel – Director