2022 MAC Limits
2022 Limitations Adjusted as Provided in Section 415(d), etc
The IRS has recently announced the 2022 Maximum Allowable Contribution (MAC) limits for 403(b) and 457(b) plans. Elective contribution limits will increase by $1,000 to $20,500 for 2022.
The elective deferral limit for 403(b)/457(b) plans will increase to $20,500. Employees age 50 and over will be entitled to contribute an additional $6,500 to their 403(b) or 457(b) plan(s) thereby increasing the elective deferral limit to $27,000. Individuals with at least 15 years of service with their current employer may be entitled to contribute up to an additional $3,000 above their age-based limit, potentially increasing the limit to $30,000 for a participant utilizing both the age based and the full amount of the service based catch-up provisions.
If you expect to make or receive a non-elective/employer contribution in 2022, please note that the 415(c) limit has increased from $58,000 to $61,000, permitting employers to contribute up to $61,000 to an employee's 403(b) plan.
If you have any questions concerning contribution limits, or any other 403(b)/457(b) matter, please contact OMNI at 877-544-6664.