IRS Announces 2022 Retirement Plan Limits
The contribution limits for the voluntary 403(b) and/or 457(b) plans have increased from $19,500 to $20,500 in 2022; and the catch-up contribution limit for age 50 and over who participate in these plans remains unchanged at $6,500.
This means if you are under age 50 in 2022, the maximum amount you may contribute into your voluntary retirement plan is $20,500. If you are age 50 or above, the maximum amount you may contribute is $27,000 ($20,500 plus $6,500 catch-up). Employees interested in adjusting their retirement contribution amount, or those wanting to begin participation, should contact the Director of Benefits, Ms. Kristen Bjorne, at email@example.com and request a Salary Reduction Agreement.