IRS Announces Retirement Contribution Limits for 2022

2021 November news 5The IRS has updated dollar-amount ceilings and thresholds for qualified retirement plans for 2022. This includes accounts within the Nazarene 403(b) Retirement Savings Plan. For 2022, maximum contribution limits for such accounts are:

  • Elective Deferrals.............................$20,500
  • Annual Contribution Limit............$61,000
  • Catch-Up Contributions..................$6,500

Contributions to the Nazarene 403(b) Retirement Savings Plan provide tax advantages to participants allowing them to avoid taxes when funds are set aside and at retirement when funds may be received as housing allowance (within IRS guidelines). For more information, visit this link at pbusa.org.

For more on the limitations adjustment from the IRS announcement, visit this link.

Note: Investing in securities includes the risk of loss.