2022 Retirement Plan Contribution Limits
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| Annual Contribution Limits | 2023 | 2022 |
| Traditional IRA, Roth IRA, Spousal, Guardian | $6,500 | $6,000 |
| Traditional, Roth, Spousal IRA Catch-Up Contribution | $1,000 | $1,000 |
| Education IRA – formerly Coverdell ESA (per beneficiary) | $2,000 | $2,000 |
| Employer Deduction Limit (SEP, MPP,PSP, 401(k)5) | 25% aggregate comp | 25% aggregate comp |
| Elective Deferral (402(g) Limit): 401(k), SARSEP, 457 and 403(b)) | $22,500 | $20,500 |
| Defined Contribution 415 Limit (the lesser of) | 100% comp or $66,000 | 100% comp or $61,000 |
| Salary Deferral Catch-Up Limit (does not count against 415 limits in a 401(k) plan) |
$7,500 | $6,500 |
| SIMPLE Plan Deferral | $15,500 | $14,000 |
| SIMPLE IRA Catch-Up Limit | $3,500 | $3,000 |
| Defined Benefit 415 Limit | $265,000 | $245,000 |
| Annual Compensation Cap | $330,000 | $305,000 |
| SEP Participation Compensation | $750 | $650 |
| Highly Compensated Employee (HCE) | $150,000 | $135,000 |
| Key Employee Officer Definition | $215,000 | $200,000 |
| Social Security Taxable Wage Base | $160,200 | $147,000 |
To download a comprehensive PDF on the 2020 Retirement Plans, click here.
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