The IRS has recently updated retirement plan contribution limits. Please pass these along to your plan participants, family, and friends so all may take advantage of these possible increased savings. If you have any questions about how these changes may impact your own plan or savings, please reach out to us and we can discuss what changes may directly help you.
UPDATE: Benefit and Contribution Limits
Discover further tax saving opportunities for your clients with higher deferral and contribution limits in 2022.
The increased defined benefit dollar limi will significantly increase maximum annual benefits for Cash Balance clients and may provide more capacity for those approaching their IRC Section 415 maximum lifetime accumulation limits.
Below is a breakdown of the most notable updates as they pertain directly to Defined Contribution and Defined Benefit Plans.
(Increased limits from 2021 are shown below in red)