News and Information

IRS Releases 2022 Guidelines for 401(k) and Pension Plans

The Internal Revenue Service (IRS) has released 2022 guidelines for 401(k) and pension plans, effective January 1, 2022, which include the following:

• Employee individual contribution limit to 401(k) plans, as well as 403(b) and most 457 plans, will increase to $20,500, up from $19,500 in 2021.
  • Annual catch-up contribution limit for employees aged 50 and older remains at $6,500
• The limit on total employer-plus-employee contributions to defined contribution plans will increase to $61,000, up from $58,000 in 2021

For more information and technical guidance, see IRS Notice 2021-61.