Annual Limits

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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
  2021 2020 2019 2018

401(k) and 403(b) Deferral Limit

 19,500 19,500 19,000 18,500

457 Deferral Limit

 19,500 19,500 19,000 18,500

401(k), 403(b), 457 Catch-up Contribution Limit

 6,500 6,500 6,000 6,000

SIMPLE Deferral Limit

 13,500 13,500 13,000 12,500

SIMPLE Catch-up Contribution Limit

 3,000 3,000 3,000 3,000

Annual Compensation Limit

 290,000 285,000 280,000 275,000

Defined Benefit 415 Limit

 230,000 230,000 225,000 220,000

Defined Contribution 415 Limit

 58,000 57,000 56,000 55,000

Dollar Limit for HCEs

 130,000 130,000 125,000 120,000

Dollar Limit for Key Employee

 185,000 185,000 180,000 175,000

Social Security Taxable Wage Base

 142,800 137,700 132,900 128,400