Plan sponsors, below are the 2022 401(k) and Pension Plan Contribution Limits. The IRS increased 401(k) contributions limits for employees but not the Catch Up limit for age 50+ (fyi, they did not increase personal IRA limits either).
If you’re having a challenge getting your employees to contribute more to their 401(k), give us a call. Your consultation is free. We have helped many companies in that situation.
Also, if some employees are getting refunds (excess contributions) from the 401(k) that is a sign your 401(k) benefit is having a problem. Reach out and let’s have a call to share some ideas to fix that.
2022 Pension Plan Limitations
|401(k) Maximum Elective Deferral (*$27,000 for those age 50 or older, if plan permits)||$20,500*|
|Defined Contribution Maximum Annual Addition||$61,000|
|Highly Compensated Employee Threshold||$135,000|
|Annual Compensation Limit||$305,000|
Ready to discuss your retirement plan with a 401(k) Advisor?
RP-757-1221 Tracking #1-05221511
For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.