The IRS has issued Notice 2021-61 and Revenue Procedure 2021-45 setting forth its annual employee benefit plan limitations for 2022. Key changes, placed in bold in the chart below, include the following:
- Code Section 402(g) limitation on elective deferrals increased from $19,500 to $20,500.
- Code Section 408(p) limitation on elective deferrals for SIMPLE retirement account plans increased from $13,500 to $14,000.
- Code Section 415(c) maximum annual additions increased from $58,000 to $61,000.
- Compensation limit under Code Section 401(a)(17) increased from $290,00 to $305,000.
- HDHP Out of Pocket Maximum increased from $7,000 to $7,050 for self-only coverage and from $14,000 to $14,100 for family coverage.
- HSA Maximum Contribution Limit increased from $6,000 to $3,650 for self-only coverage and from $7,200 to $7,300 for family coverage.
- All adoption assistance limits and thresholds have increased.
- All QSEHRA and Archer MSA limits increased.
- Parking and transit fringe benefit contribution limits increased from $270 to $280 per month.