Retirement Plan Limits for -


The Internal Revenue service has recently announced the cost-of-living adjustments applicable to dollar limitations for tax qualified retirement plans.  The limits are generally effective January 1, of the current year.  The limits are as follows:

Deferral Limits

2021

2022

Maximum 403(b), 457(b) & 401(k) Contributions

$19,500

$20,500

Maximum 401(k) Catch-Up Contribution

$6,500

$6,500

Simple Maximum

Simple Catch-Up

$13,500

$3,000

$14,000

$3,000

Benefit Limits

 

 

IRC 415(c) Defined Contribution

$58,000

$61,000

415(b) Defined Benefit

$230,000

$245,000

 

 

 

Compensation Limits 

 

 

Maximum Compensation Limit

$290,000

$305,000

Highly Compensated Employee

$130,000

$135,000

Key Employee Compensation for Top Heavy

$185,000

$200,000

 

 

 

Social Security

 

 

Social Security Wage Base (OASDI basis)

$142,800

$147,000


The above does not constitute, and should not be considered to be, legal or tax advice.  The tax rules are complicated and their impact on a particular individual may differ depending on the individuals specific circumstances.  Please consult with a legal or tax advisor regarding your specific situation.