![](https://comperiorc.com/wp-content/uploads/2021/10/2022-Pension-Plan-Limits-1024x536.png)
On November 4, 2021, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022. The Internal Revenue Code requires that the Secretary of the Treasury adjust the limits annually.
Some highlights are:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $20,500.
- The catch-up contribution limit for those aged 50 and over will stay the same at $6,500.
![](https://comperiorc.com/wp-content/uploads/2021/11/2022-Limits.jpg)