Important Plan Limits

IRS Announces Plan Limits for 2022

On November 4, 2022, the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2022. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.

Description

2021 2022
401(k) Deferrals
19,500
20,500
401(k) Catch-Up Deferrals (Age 50+)
6,500 6,500
SIMPLE Deferrals
13,500
14,000
SIMPLE Catch-Up Deferrals (Age 50+)
3,000 3,000
DC Plan Contribution Limit (Section 415)
58,000
61,000
Plan Compensation Limit
290,000
305,000
HCE Compensation Limit
130,000
135,000
SS Taxable Wage Base
142,800
147,000