Edward A. Wodarczyk, Esq., ewodarczyk@tuckerlaw.com, (412) 594-3920
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022.
| 2021 | 2022 | |
| Compensation Limit | $290,000 | $305,000 |
| Highly Compensated Employee | $130,000 | $135,000 |
| 401(k), 403(b), 457(b) Deferral Limit | $ 19,500 | $ 20,500 |
| Age 50 Additional Catch-Up Limit | $ 6,500 | $ 6,500 |
| Defined Contribution Plan Limit | $ 58,000 | $ 61,000 |
| Defined Benefit Plan Limit | $230,000 | $245,000 |
| Social Security Wage Base | $142,800 | $147,000 |
| HSA Individual Contribution Limit | $ 3,600 | $ 3,650 |
| HSA Family Contribution Limit | $ 7,200 | $ 7,300 |
| Health FSA Limit | $ 2,750 | $ 2,850 |
See the IRS website for more details regarding cost-of-living increases.