Kaufman & Canoles’ ESOPs & Employee Benefits Practice Group is pleased to provide the following reference materials as 2022 approaches:
- 2022 Retirement Plan Limitations Chart
- Please take note of the following increased limits for 2022:
- 401(k)/403(b)/457 Deferral Limit – $20,500 (an increase of $1,000 from the 2021 limit)
- Annual Compensation Limit – $305,000 (an increase of $15,000 from the 2021 limit)
- Defined Contribution 415 Limit – $61,000 (an increase of $3,000 from the 2021 limit)
- ACA Numbers & Limits 2015-2022
- Penalties for failure to meet the large employer mandate have increased.
- The “affordability of coverage” percentage has decreased.
- The FSA limit has increased to $2,850.
- 2022 Premium Tax Credit Quick Reference Chart
- Lower-income individuals and families (up to 150% of the Federal poverty line) can now receive Marketplace coverage at zero cost (fully subsidized by the government).
- Higher-income individuals and families (over 400% of the Federal poverty line) are now eligible for subsidies if their coverage costs more than 8.5% of their income.
- Medicare Cost Comparison 2021 / 2022
- Note that Part B premiums have increased by over 14% while Social Security benefits are only increasing by 5.9%.
As we head into 2022, we are also keeping a close eye on proposed retirement plan and other tax legislation. Although various pieces of benefits-related legislation proposed throughout 2021 have not yet materialized into new law, Congress appears to have a continuing interest in the area. Should any of these proposals progress into new law, they may require significant attention in 2022.