Widespread Retirement Plan Limit Changes for 2022
The IRS released its annual update for the cost-of-living adjustments for 2022. In contrast to the few changes made in the cost-of-living adjustments last year, there are widespread increases for 2022. As you can see from our chart below, almost all IRS limits were affected by this year’s cost-of-living adjustments, with the exception of catch-up contributions.
With the release of the 2022 COLAs, you should now have all of the required information needed to complete your annual notices (see our recent blog post on notices). If you have questions about the changes to the retirement plan limits or annual notices, please reach out to any Graydon attorney in our Employee Benefits Group.
|ELECTIVE DEFERRAL ANNUAL LIMITS|
|401(k), 403(b) and SEPs||$19,500||$20,500|
|SIMPLE IRAs and 401(k)s||$13,500||$14,000|
|401(k), 403(b) and SEPs||$6,500||$6,500|
|SIMPLE IRAs and 401(k)s||$3,000||$3,000|
|DEFINED BENEFIT PLAN LIMIT||$230,000||$245,000|
|DEFINED CONTRIBUTION PLAN LIMIT||$58,000||$61,000|
|HIGHLY COMPENSATED EMPLOYEE||$130,000||$135,000|
|SOCIAL SECURITY TAXABLE WAGE BASE||$142,800||$147,000|