Summary

Qualified Retirement Plan Limits
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The IRS annually adjusts qualified retirement plan limits for increases in the cost of living.
The following table lists the 2022 and 2021 limits
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Internal Revenue Code Limits

2022 2021
401(k) plan – elective deferrals $20,500 $19,500
403(b) plan – elective deferrals $20,500 $19,500
Governmental 457(b) plan – elective deferrals $20,500 $19,500
Catch-up contribution limit – 401(k), 403(b) and governmental 457(b) plans $6,500 $6,500
SIMPLE plan – elective deferrals $14,000 $13,500
SIMPLE plan – catch-up contributions $3,000 $3,000
Defined benefit plans – maximum annual annuity $245,000 $230,000
Defined contribution plans – maximum annual addition $61,000 $58,000
Maximum annual compensation – defined benefit plans, defined contribution plans and SEPs $305,000 $290,000
Annual compensation – definition of “highly compensated employee” $135,000 $130,000
Annual compensation  – “officer” or “key employee” definition $200,000 $185,000
Simplified Employee Pension (SEP) – minimum compensation $650 $650
Tax credit ESOP
5-year limit $1,230,000 $1,165,000
1-year extension $245,000 $230,000