Annual Plan Limits

The Internal Revenue Code provides for dollar limitations on benefits and contributions for qualified retirement plans. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.


 

401(k), 403(b), Profit-Sharing Plans, etc.

20222021
Elective Deferrals Limit$20,500$19,500
Defined Contribution Limits$61,000$58,000
Annual Compensation Limit$305,000$290,000
Catch-up Contributions Limit$6,500$6,500
Highly Compensated Employee Limit$135,000$130,000
Top-Heavy Key Employee Compensation$200,000$185,000
Social Security Wage Base$147,000$142,800

SIMPLE Plans

20222021
SIMPLE Contributions Limit$14,000$13,500
SIMPLE Catch-up Contributions Limit$3000$3000