Limitations on 401(k) & PSP Contributions
Some of the limits the Internal Revenue Service (IRS) places on the total amount the Company can contribute to the Plan are adjusted periodically. These include:
- Maximum Pre-Tax, Roth 401(k), and Catch-Up Contributions: The IRS limits the dollar amount of your pre-tax, Roth 401(k), and catch-up contributions to the 401(k) & Profit Sharing Plan (PSP). These limits may also be adjusted in future years. The 2022 limits are:
- Pre-Tax and Roth 401(k) Contribution Limit (under age 50): $20,500
- Catch-Up Contribution Limit (age 50 and over): $6,500
- Total Pre-Tax, Roth 401(k), and Catch-Up Contributions Limit (age 50 and over): $27,000
Maximum Total Contributions to the Plan: Federal law also limits the total combined amount of pre-tax, after-tax, Roth 401(k), and Company contributions made to the 401(k) & PSP. This annual limit, which applies to all tax-qualified defined contribution plans of the Company in which you participate, is the lesser of $61,000 for those under age 50 and $67,500 for those age 50 and older. This limit may be adjusted in future years.
Maximum Compensation Limit: The IRS limits the amount of compensation that can be considered under this Plan. This limit is $305,000 and may be adjusted in future years.