Annual Benefit & Limits

Type of Limitation

     2022

    2021

    2020

    2019

401(k) Elective Deferrals $20,500 $19,500 $19,500 $19,000
Catch up amount $6,500 $6,500 $6,500 $6,000
²Defined Benefit Plans $245,000 $230,000 $230,000 $225,000
²Defined Contribution Plans $61,000  $58,000 $57,000 $56,000
Annual Compensation Limit $305,000 $290,000 $285,000 $280,000
457(b)(2) and 
457(c )(1) Limits
$20,500 $19,500 $19,500 $19,000
Highly Compensated* 
($80,000 index)
$135,000 $130,000  $130,000 $125,000
SIMPLE Plans $14,000  $13,500 $13,500 $13,000
SIMPLE Plan 
catch up amount
$3,000 $3,000 $3,000 $3,000
SEP Coverage $650 $650 $600 $600
SEP Compensation $305,000 $290,000 $285,000 $280,000
Key employee officer threshold $200,000 $185,000 $185,000 $180,000
Income Subject to 
Social Security Tax
$147,000 $142,800 $137,700 $132,900
Tax Credit ESOP 
Threshold Balance
$1,230,000   $1,165,000   $1,150,000   $1,130,000  
Amount for Lengthening 
of 5-Year ESOP Period   
$245,000 $230,000  $230,000 $225,000

 

*Effective for limitation years ending in calendar year