Annual Limits

Annual Limits

Annual Contribution Rates

On an annual basis, the IRS announces cost-of-living adjustments applicable for qualified retirement plans and IRAs. Some plan limits remain unchanged because the increase in the Consumer Price Index does not meet the thresholds for their adjustments, while others rise. 

Michigan Pension & Financial is pleased to offer this chart for your reference.

Annual Compensation and Contribution Limits for Qualified Retirement Plans

2022 2021 2020 2019
401(K) and 403(b) Deferral Limit 20,500 19,500 19,500 19,000
457 Deferral Limit 20,500 19,500 19,500 19,000
401(k), 403(b), 457 Catch-up Contribution Limit 6,500 6,500 6,500 6,000
SIMPLE Deferral Limit 14,000 13,500 13,500 13,000
SIMPLE Catch-up Contribution Limit 3,000 3,000 3,000 3,000
Annual Compensation Limit 305,000 290,000 285,000 280,000
Defined Benefit 415 Limit 245,000 230,000 230,000 225,000
Defined Contribution 415 Limit 61,000 58,000 57,000 56,000
Dollar Limit for HCEs 135,000 130,000 130,000 125,000
Dollar Limit for Key Employee 200,000 185,000 185,000 180,000
Social Security Taxable Wage Base 147,000 142,800 137,700 132,900

Annual Contribution Rates

On an annual basis, the IRS announces cost-of-living adjustments applicable for qualified retirement plans and IRAs. Some plan limits remain unchanged because the increase in the Consumer Price Index does not meet the thresholds for their adjustments, while others rise. 

Michigan Pension & Financial is pleased to offer this chart for your reference.

Annual Compensation and Contribution Limits for Qualified Retirement Plans

401(K) and 403(b) Deferral Limit
2022 20,500
2021 19,500
457 Deferral Limit
2022 20,500
2021 19,500
401(k), 403(b), 457 Catch-up Contribution Limit
2022 6,500
2021 6,500
SIMPLE Deferral Limit
2022 14,000
2021 13,500
SIMPLE Catch-up Contribution Limit
2022 3,000
2021 3,000
Annual Compensation Limit
2022 305,000
2021 290,000
Defined Benefit 415 Limit
2022 245,000
2021 230,000
Defined Contribution 415 Limit
2022 61,000
2021 58,000
Dollar Limit for HCEs
2022 135,000
2021 130,000
Dollar Limit for Key Employee
2022 200,000
2021 185,000
Social Security Taxable Wage Base
2022 147,000
2021 142,800

 

These are IRS limits. We, however, know no limits to keeping our clients satisfied.

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