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Plan Limits

October 28, 2014 by  
Filed under Uncategorized


2023 2022 2021
401(k), 403(b), Profit Sharing Plans
Elective Deferral Limit 22,500 20,500 19,500
Catch-up Contributions 7,500 6,500 6,500
Compensation Limit 330,000 305,000 290,000
Annual Addition Limit 66,000 61,000 58,000
Taxable Wage Base 160,200 147,000 142,800
Highly Compensated Employee 150,000 135,000 130,000
Key Employee:
Officer 215,000 200,000 185,000
1% Owner 150,000 150,000 150,000


May 22, 2014 by  
Filed under Uncategorized


Pre-Approved Defined Contribution Plans

The majority of profit sharing and 401(k) plans are on pre-approved plan documents.  These documents are required to be restated on a six year cycle as determined by the IRS.

All pre-approved defined contribution plan documents were required to be restated by April 30, 2016 to incorporate the provisions from the Pension Protection Act of 2006 (PPA).   We are currently in the Post PPA (Cycle 3) restatement window.  All plans must currently be restated by July 31, 2022.

Individually Designed Plans

All ESOPs we administer are individually designed plans drafted by an attorney. Some profit sharing and 401(k) plans are also individually designed plans.  Individually designed plans were on a five year restatement cycle but the IRS eliminated that pre-set schedule.  Plan restatements are now coordinated with the ERISA attorney.

Please contact KJ Retirement Consultants, LLC at (651) 797-3440 if you are not sure whether your plan document is an individually designed plan or a pre-approved plan.