The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. The Internal Revenue Code (IRC) requires the limits to be adjusted annually for cost-of-living increases. Ingham is pleased to present this table for your convenience.
Annual Compensation and Contribution Limits for Qualified Retirement Plans
|401(k) and 403(b) Deferral Limit||22,500||20,500||19,500||19,500||19,000||18,500||18,000|
|457 Deferral Limit||22,500||20,500||19,500||19,500||19,000||18,500||18,000|
|401(k), 403(b), 457 Catch-up Contribution Limit||7,500||6,500||6,500||6,500||6,000||6,000||6,000|
|SIMPLE Deferral Limit||15,500||14,000||13,500||13,500||13,000||12,500||12,500|
|SIMPLE Catch-up Contribution Limit||3,500||3,000||3,000||3,000||3,000||3,000||3,000|
|Annual Compensation Limit||330,000||305,000||290,000||285,000||280,000||275,000||270,000|
|Defined Benefit 415 Limit||265,000||245,000||230,000||230,000||225,000||220,000||215,000|
|Defined Contribution 415 Limit||66,000||61,000||58,000||57,000||56,000||55,000||54,000|
|Dollar Limit for HCEs||150,000||135,000||130,000||130,000||125,000||120,000||120,000|
|Dollar Limit for Key Employee||215,000||200,000||185,000||185,000||180,000||175,000||175,000|
|Social Security Taxable Wage Base||160,200||147,000||142,800||137,700||132,900||128,700||127,200|
Established in 1972, the Ingham Retirement Group (Ingham) is a national, independent, full service retirement plan consulting, investment advisory, record keeping & actuarial firm. Ingham’s staff includes an ERISA attorney, CPA, Actuaries, Investment Advisors, Fiduciary Analysts & Compliance Administrators.
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