Consulting Actuaries Incorporated - Actuaries and Employee Benefit Consultants

 

 



Annual Plan Limits

Each year the U.S. government adjusts the limits for qualified plans and Social Security to reflect cost-of-living adjustments and changes in the law. Many of these limits are based on the "plan year" as defined in the plan document. The elective deferral and catch-up limits are always based on the calendar year.

Type 2022 2021 2020
Contribution and Benefit Limits
Elective Deferral Limit $20,500 $19,500 $19,500
Catch-Up Contributions $6,500 $6,500 $6,500
Annual Contribution Limit $61,000 $58,000 $57,000
Annual Contribution Limit including Catch-Up Contributions $67,500 $64,500 $63,000
Annual Benefit Limit $245,000 $230,000 $230,000
Compensation Limits
Maximum Plan Compensation $305,000 $290,000 $285,000
Income Subject to Social Security $147,000 $142,800 $137,700
Key EE Compensation Threshold $200,000 $185,000 $185,000
Highly Compensated EE Threshold $135,000 $130,000 $130,000
IRA Limits
SIMPLE Plan Elective Deferrals $14,000 $13,500 $13,500
SIMPLE Catch-Up Contributions $3,000 $3,000 $3,000
Individual Retirement Account (IRA) $6,000 $6,000 $6,000
IRA Catch-Up Contribution $1,000 $1,000 $1,000

 



330 Passaic Avenue, Suite 100, Fairfield, NJ 07004-2009  ·  phone: (973) 575-1100  �  fax: (973) 575-1511