The IRS, in Notice 2021-61 has announced increased 401(k) plan limits for 2022. Here is what you need to know:
- 401(k) Deferral Limit is increased to $20,500 from $19,500. Note this increase applies to 403(b) plans as well.
- The Compensation which can be considered under a qualified plan is increased to $305,000 from $290,000.