IRS Adjusts Retirement Contribution Limits for 2022

The annual contribution limit for 401(k) plans is to increase in 2022, and other retirement-related amounts are to receive cost-of-living adjustments, the IRS said Nov. 4.

The Section 401(k), 403(b), and 457 contribution limit is to increase to $20,500, from $19,500, the IRS said in Notice 2021-61 and a news release.

Other amounts adjusted in the notice include:

• the limitation for defined contribution plans rises to $61,000, from $58,000;
• the limitation for the annual benefit under a defined benefit plan rises to $245,000, from $230,000;
• the limitation for SIMPLE retirement accounts rises to $14,000, from $13,500;
• the limitation for ...