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Frequently Asked Question

What is the maximum amount of money I can contribute to my 401k annually? Does the amount increase each year?

Answer: Elective deferral limits for 2022 is $20,500. But this can be reduced based upon plan restrictions and government regulations. In addition, there are special non-discrimination rules to prevent highly compensated employees (HCE) from being able to save substantially more than lower paid employees.

A complete table of plan limits is available by clicking here.

This is for educational purposes only. The information provided here is intended to help you understand the general issue and does not constitute any tax, investment or legal advice. Consult your financial, tax or legal advisor regarding your own unique situation and your company's benefits representative for rules specific to your plan.

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