IRS Announces 2022 Pension Plan Limits

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2022. Highlights include:

401k Plan Limits for Plan Year

2022

2021

2020

2019

401k Elective Deferrals $20,500 $19,500 $19,500 $19,000
Annual Defined Contribution Limit $61,000 $58,000 $57,000 $56,000
Annual Compensation Limit $305,000 $290,000 $285,000 $280,000
Catch-up Contribution Limit $6,500 $6,500 $6,500 $6,000
Highly Compensated Employees $135,000 $130,000 $130,000 $125,000

Non-401k Related Limits 

2022

2021 

2020 

2019

403(b)/457 Elective Deferrals $20,500 $19,500 $19,500 $19,000
SIMPLE Employee Deferrals $14,000 $13,500 $13,500 $13,000
SIMPLE Catch-up Deferral $3,000 $3,000 $3,000 $3,000
SEP Minimum Compensation $650 $600 $600 $600
SEP Annual Compensation Limit $305,000 $290,000 $285,000 $280,000
Social Security Wage Base $147,000 $142,800 $137,700 $132,900

 

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