2022 Contribution Limits

There’s change ahead!

Just like there are changes in the weather, there are sometimes changes in annual retirement contribution limits—and contribution limits are going up in 2022! Contribution limits are increasing by $1,000, bringing the annual limit up to $20,500. Maximize your savings by updating your contribution amount by December 30, 2021 to be effective by your first paycheck in January 2022.

Contribution Limits for 2022

Category

Below Age 50

Above Age 50**

Catch-Up***

Annual Limit

$20,500

$27,000

$41,000

Per Paycheck Amount*

$820

$1,080

$1,640

Learn how to update your contributions by visiting Change Contributions.

*This calculation is provided for employees who choose to contribute the maximum annual amount allowed in 25 regular and equal payments throughout the year, but participants can elect bi-weekly contributions in any amount they choose.

**Employees who are age 50 or older, or who will be turning age 50 at any point in the calendar year, are automatically eligible to contribute the higher amount applying to that calendar year.

***Catch-Up is available for participants who are within at least three years of eligible retirement age. It allows these participants to contribute up to twice the Under-Age-50 contribution amount for three consecutive years without penalty. To be eligible, a participant must have an unused balance representing amounts the participant was eligible to but did not contribute in prior years. To learn more, please contact a DCP representative.