The IRS recently announced the contributions limits to retirement plans for 2022. The 2022 maximum contribution limit for 401(k), 403(b), and 457(b) plans has been raised, while the catch-up contributions remain at the 2021 level. Participants can now contribute up to $20,500 in 2022, plus an additional $6,500 if they are over age 50.
| 401(k), 403(b), 457(b), PSP | 2022 | 2021 |
|---|---|---|
| Annual Compensation | $305,000 | $290,000 |
| Elective Deferrals | $20,500 | $19,500 |
| Catch-up Contributions | $6,500 | $6,500 |
| Defined Contribution Limits | $61,000 | $58,000 |
| Esop Limits | $1,230,000 $245,000 |
$1,165,000 $230,000 |
The defined contribution plan limit is now $61,000, an increase of $2,000 above the 2021 limit.
| Other | 2022 | 2021 |
|---|---|---|
| HCE Threshold | $135,000 | $130,000 |
| Defined Benefit Limits | $245,000 | $230,000 |
| Key Employee | $200,000 | $185,000 |
| 457 Elective Deferrals | $20,500 | $19,500 |
| Control Employee (board member or officer) | $120,000 | $115,000 |
| Control Employee (compensation-based) | $245,000 | $235,000 |
| Taxable Wage Base | $147,000 | $142,800 |