{"id":3685,"date":"2021-11-15T15:51:21","date_gmt":"2021-11-15T21:51:21","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=3685"},"modified":"2021-11-15T15:51:21","modified_gmt":"2021-11-15T21:51:21","slug":"hr-newsletter-new-401k-limits-for-2022","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2021\/11\/15\/hr-newsletter-new-401k-limits-for-2022\/","title":{"rendered":"HR Newsletter: New 401(k) Limits for 2022"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg\" alt=\"IRS\" width=\"1200\" height=\"545\" \/><\/p>\n<p>On Nov. 4, 2021, the Internal Revenue Service (IRS) announced new caps for employee and company 401(k) contributions in 2022:<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"239\"><\/td>\n<td width=\"74\"><strong>2021<\/strong><\/td>\n<td width=\"74\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"239\">Maximum employee elective deferral (age 49 and younger)<\/td>\n<td width=\"74\">$19,500<\/td>\n<td width=\"74\">$20,500<\/td>\n<\/tr>\n<tr>\n<td width=\"239\">Employee catch-up contribution (age 50 or older)<\/td>\n<td width=\"74\">$6,500<\/td>\n<td width=\"74\">$6,500<\/td>\n<\/tr>\n<tr>\n<td width=\"239\">Maximum employee elective deferral plus catch-up<\/td>\n<td width=\"74\">$26,000<\/td>\n<td width=\"74\">$27,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The new 2022 limits have been updated in our payroll system to ensure that the contributions from our clients\u2019 employees do not exceed the annual dollar limits. Please <a href=\"mailto:jeisenhut@employco.com\">let us know<\/a> if you have any questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Nov. 4, 2021, the Internal Revenue Service (IRS) announced new caps for employee and company 401(k) contributions in 2022: 2021 2022 Maximum employee elective deferral (age 49 and younger) $19,500 $20,500 Employee catch-up contribution (age 50 or older) $6,500&hellip;  <\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.employco.com\/blog\/2021\/11\/15\/hr-newsletter-new-401k-limits-for-2022\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-3685","post","type-post","status-publish","format-standard","hentry","category-hr-newsletter"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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Background - The Consolidated Appropriations Act of 2023 was signed on Dec. 29, 2022, which is an omnibus\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3087,"url":"https:\/\/www.employco.com\/blog\/2020\/11\/11\/hr-newsletter-legal-and-compliance-updates-for-2021\/","url_meta":{"origin":3685,"position":1},"title":"HR Newsletter: Legal and Compliance Updates for 2021","author":"Employco USA","date":"November 11, 2020","format":false,"excerpt":"We have created the following overview PDFs to help you navigate the upcoming legal and compliance updates for 2021. Minimum Wage Changes \u2013 Almost half of the states have announced new minimum wage rates for 2021. Link to overview: 2021 State Minimum Wage Rates Benefit Plan Limits \u2013 Several plan\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"Legal and Compliance Updates 2021","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2020_Legal-and-Compliance-Updates-2021.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2020_Legal-and-Compliance-Updates-2021.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2020_Legal-and-Compliance-Updates-2021.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2020_Legal-and-Compliance-Updates-2021.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2020_Legal-and-Compliance-Updates-2021.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":5129,"url":"https:\/\/www.employco.com\/blog\/2023\/11\/14\/hr-newsletter-irs-announces-2024-retirement-plan-limits\/","url_meta":{"origin":3685,"position":2},"title":"HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits","author":"Employco USA","date":"November 14, 2023","format":false,"excerpt":"The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). Description20242023Regular Contribution Limit$23,000$22,500Catch-up Contribution Limit$7,500$7,500Employee + Company Limit$69,000$66,000 Click the following link to read our Legal Update article on this topic:\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4439,"url":"https:\/\/www.employco.com\/blog\/2023\/01\/16\/hr-newsletter-secure-2-0-becomes-law-retirement-plans\/","url_meta":{"origin":3685,"position":3},"title":"HR Newsletter: \u201cSECURE 2.0\u201d Becomes Law (Retirement Plans)","author":"Employco USA","date":"January 16, 2023","format":false,"excerpt":"On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the \u201cSECURE 2.0\u201d legislation. It is referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Key SECURE 2.0 provisions include: Expanding\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Newsletter: \u201cSECURE 2.0\u201d Becomes Law (Retirement Plans)","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":2989,"url":"https:\/\/www.employco.com\/blog\/2020\/09\/01\/payroll-tax-holiday-starts-today-heres-what-it-means-for-employers\/","url_meta":{"origin":3685,"position":4},"title":"Payroll Tax Holiday Starts Today: Here\u2019s What it Means for Employers","author":"Employco USA","date":"September 1, 2020","format":false,"excerpt":"Human resources expert comments on President Trump\u2019s newly implemented tax break\u00a0 Starting today (Sept. 1), employers now have the option to stop withholding payroll taxes for their staff. The Treasury Department announced the option last week, detailing the new guidelines in a statement that offers a temporary deferral of the\u2026","rel":"","context":"In &quot;Coronavirus&quot;","block_context":{"text":"Coronavirus","link":"https:\/\/www.employco.com\/blog\/category\/hr-solutions\/coronavirus\/"},"img":{"alt_text":"Tax Deferral","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_COVID-19_Sept1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":4385,"url":"https:\/\/www.employco.com\/blog\/2022\/12\/15\/hr-newsletter-new-benefit-plan-limits-for-2023\/","url_meta":{"origin":3685,"position":5},"title":"HR Newsletter: New Benefit Plan Limits for 2023","author":"Employco USA","date":"December 15, 2022","format":false,"excerpt":"Many benefit plan limits have changed for the new calendar year. 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