limits

2022 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Employee Outcomes, Employer Resource Center, Financial Planning, Plan Operations & Admin, Retirement PlanningComments are off for this post
With 2022 just around the corner, it’s important to keep in mind the newly-released IRS retirement contribution limits for the new year. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $20,500. The catch-up contribution limit for employees aged 50 and  Read More →
UPDATED: 2018 Retirement Plan Limits
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
In late October, the Internal Revenue Service (IRS), in conjunction with the Social Security Administration (SSA), graced us with the much-anticipated Retirement Plan Limits for 2018, which provided a small bump in 401(k) Elective Deferrals from $18,000/year to $18,500/year. The original announcement also included a slight increase in the FICA Taxable Wage Base from $127,200 in  Read More →

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