The IRS has issued Notice 2021-61 announcing the retirement plan limits for 2022.
Download this FYI Alert as a printable PDF
Retirement plan limits
The table below lists the key 2022 limits side by side with those in effect for 2021 — most of these limits have increased from 2021 to 2022.
|
2022 |
2021 |
|
| 401(k)/403(b) elective deferral maximum |
$20,500 |
$19,500 |
| §415 defined benefit dollar maximum |
$245,000 |
$230,000 |
| §415 defined contribution annual addition maximum |
$61,000 |
$58,000 |
| §457(b) plan deferral limit |
$20,500 |
$19,500 |
| §401(a)(17) annual compensation limit |
$305,000 |
$290,000 |
| §414(q) highly compensated employee limit |
$135,000 |
$130,000 |
| §414(v) catch-up contribution limit |
$6,500 |
$6,500 |
| §416(i) top-heavy key employee officer limit |
$200,000 |
$185,000 |
In closing
Our For Your Reference, a wallet-sized booklet showing retirement plan and other benefit limits, as well as various key Social Security and Medicare figures, will be available shortly from your consultant.
Volume 44 | Issue 38