In November of 2021, the IRS officially released 2022 401(k), 403(b) and most 457 plan contribution limits. These limits largely mirrored industry predictions that have come out over the past few months. Employees will be able to contribute a maximum of $20,500 into those retirement plans next year, up from $19,500 this year. That increase also applies to the federal government’s Thrift Savings Plan. The catch-up contributions remained the same for employees aged 50 and older who participate in all of these plans, at $6,500.
See the table below for more highlights.
|401(k), 403(b) & 457 Plans|
|Catch-Up Contribution Limits||$6,500||$6,500|
|Defined Contribution Limits||$61,000||$58,000|
|Catch-Up Contributions (age 50+)||$1,000||$1,000|
|IRA AGI Deduction Phase-Out Starts at|
|Single or Head of Household||$68,000||$66,000|
|Catch-Up Contributions (age 50+)||$3,000||$3,000|
Income ranges for eligibility have all increased by the COLA and full details can be found on the IRS website . More retirement plan information for small business owners and plan sponsors can be found on our Employer Retirement Plan site.
You can review these changes in PDF form by clicking here.