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IRS Announces 2022 Qualified Retirement Plan Limits

The IRS recently announced cost-of-living adjustments for 2022. Below is a list of some of the key annual limits that will apply to qualified retirement plans in 2022: Compensation limit used in calculating a participant’s benefit accruals: increased to $305,000. Elective deferrals to 401(k) and 403(b) plans: increased to $20,500. Annual additions to a defined contribution plan: increased to $61,000. Catch-up contributions for employees aged 50 and over to 401(k) and 403(b) plans: remains unchanged at $6,500. Annual benefit limit for a defined benefit plan: increased to $245,000. Compensation dollar limit for defining a “key employee” in a top heavy plan: increased to $200,000. Compensation dollar limit for defining a “highly compensated employee”: increased to $135,000. The full list of 2022 plan limits included in Notice 2021-61 is available here.

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