Annual Limits

  Resources / Annual Limits

Each year the IRS announces cost of living adjustments for qualified retirement plans. Great Lakes is pleased to present the current year limits as well as the prior three years below.

 

 
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