Late yesterday, the Internal Revenue Service issued most of the adjusted retirement plan limitations for 2022. As expected, most of the limits will be increased from 2021:

• Elective Deferral Limit: $20,500 (increased from $19,500 in 2021)
• Catch-Up Contributions: $6,500 (unchanged from 2021)
• 415 (Total) Plan Limit: $61,000 (increased from $58,000 in 2021)
• Compensation Limit: $305,000 (increased from $290,000 in 2021)

The attached chart shows these and several other historical limits from 2017 through 2022, and a reference to the IRS sources.

For more information regarding these updates, please contact Matthew J. Flanary at (262) 364-0253 or at mflanary@buelowvetter.com.