Defined Contribution

IRS Announces Updated Retirement Plan Limits for 2022

IRS Announces Updated Retirement Plan Limits for 2022
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The IRS announced the updated retirement plan limits for 2022. Below, we highlight the notable DC plan limits:

  • After no change in the prior year, the annual contribution limit will increase from $19,500 to $20,500.
  • There will be no change to the age 50 annual catch-up contribution limit, which will remain at $6,500.
  • The annual compensation limit will increase from $290,000 to $305,000.
  • The Section 415(c) limit will increase from $58,000 to $61,000.
  • The highly compensated employee threshold will increase from $130,000 to $135,000.

Visit the IRS publication to learn more.

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