IRS contribution limits

Understanding the IRS annual contribution limit is important, especially when your goal is to contribute the maximum to your account. Even if you cannot contribute the maximum amount, increasing your contribution a little each year can help you move closer to your retirement goals.

Please review the Plan Comparison Chart to help determine which plan is right for you. There is a minimum contribution amount of $50 per month, per plan. Annual maximum contribution limits are determined by the IRS each year and apply per plan. This allows you to contribute the maximum amount to each plan.

If you are opening a Savings Plus account for the first time, we encourage you to start contributing to one plan.

2022 IRS Contribution Limits

Contribution limits are determined by the Internal Revenue Service (IRS) each year. These amounts apply to each Plan, allowing you to contribute the maximum amount per Plan. The 2022 IRS contribution limits are detailed in the table below.

UNDER AGE 50 AGE 50 OR OVER
(Age Based Catch-Up)
3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE
(Traditional Catch-Up)
401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan
$20,500 $20,500 $27,000 $27,000 N/A $41,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$41,000 $54,000 $68,000

  • You are responsible for ensuring that your 401(k) contributions including contributions to any 403(b) and other state-sponsored 401(k) plans do not exceed the IRS contribution limit.
  • You are responsible for ensuring that your 457(b) contributions including contributions to Part-time, Seasonal, and Temporary (PST) plans do not exceed the IRS contribution limit.

2021 IRS Contribution Limits

UNDER AGE 50 AGE 50 OR OVER
(Age Based Catch-Up)
3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE
(Traditional Catch-Up)
401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan
$19,500 $19,500 $26,000 $26,000 N/A $39,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$39,000 $52,000 $65,000
Steps and columns
Stay up-to-date on any changes to the IRS deferral limits; visit the Retirement Plans Community on the IRS website.