by Jesse Hansen
on November 15, 2018
| Code Section | Explanation | 2022 | 2021 |
|---|---|---|---|
| Elective Deferral Limits | Maximum amount employees can contribute to a 401(k) or 403(b) plan | $20,500 | $19,500 |
| 457(b)(2) and 457(c)(1) Limits | The maximum amount an employee can contribute to a 457 Plan | $19,500 | $19,500 |
| Catch-up Contributions | Additional amounts those over age 50 can contribute to a 401(k) or 403(b) plan. | $6,500 | $6,500 |
| Highly Compensated Employee Threshold | Compensation amount used to determine highly compensated employees (Lookback year) | $135,000 | $130,000 |
| Defined Contribution Limits | Annual limit on all contributions (employee and employer) for 401(k) and 403(b) plans | $61,000 | $58,000 |
| Annual Compensation Limits | Maximum compensation for qualified plan purposes | $305,000 | $290,000 |
| Taxable Wage Base | Social Security wage base | $147,000 | $142,800 |
