For the year 2022, the IRS has announced their updates of the various limits that govern 401(k) plans. Here are the plan limits for the coming year.

401(k) Deferral Contributions –
Increased to $20,500
401(k) Catch-Up Contributions –
Remains the same at $6,500
Maximum Defined Contribution Limit (415) –
Increased to $61,000
Maximum Compensation –
Increased to $305,000
Highly Compensated Compensation –
Increased to $135,000
Social Security Wage Base –
Increased to $147,000

Please contact your plan consultant if you have any questions about what these changes mean for your plan.