Phone(315)437-2484   Email info@bds-corp.com   Location5010 Campuswood Dr, Ste 105, E. Syracuse, NY
Employee Benefits Syracuse NY Insurance, Retirement Specialists in Syracuse NY

COLA Limits

Plan/IRA Limits 2022 2021 2020
401(k), 403(b), and SARSEP maximum deferral $20,500 $19,500 $19,500
457 maximum deferral $20,500 $19,500 $19,500
Catch-up for 401(k), 403(b), SARSEP, and 457 $6,500 $6,500 $6,500
SIMPLE election maximum deferral $14,000 $13,500 $13,500
Catch-up for SIMPLE $3,000 $3,000 $3,000
Defined Benefit-annual benefit $245,000 $230,000 $230,000
Defined Contribution-annual contributions $61,000 $58,000 $57,000
IRA limit $6,000 $6,000 $6,000
IRA catch-up $1,000 $1,000 $1,000
Compensation Limits 2022 2021 2020
Maximum compensation $305,000 $2900,000 $285,000
SEP annual compensation floor $650 $650 $600
Highly Compensated Employees 2022 2021 2020
Any employee compensation $135,000 $130,000 $130,000
Key Employees 2022 2021 2020
Officer compensation $200,000 $185,000 $185,000
1% owner $150,000 $150,000 $150,000
Covered Compensation Limits 2022 2021 2020
Social Security $147,000 $142,800 $137,700
IRA Phase-out Range and Limits 2022 2021 2020
Single Covered by employer plan
$68,000-78,000
$66,000-76,000
$65,000-75,000
Married filing jointly Covered by employer plan
$109,000-129,000
$105,000-125,000
$104,000-124,000
Married filing jointly Not covered but spouse is covered
$204,000-214,000
$198,000-208,000
$196,000-206,000
Roth IRA Phase-out Range and Limits 2022 2021 2020
Single
$129,000-144,000
$125,000-140,000
$124,000-139,000
Married filing jointly
$204,000-214,000
$198,000-208,000
$196,000-206,000

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