HR leaders have some positive benefits news to share with employees in the midst of open enrollment: Workers can sock away more money into their 401(k)s and their health FSAs next year.
The employee contribution limit for 401(k) plans is increasing to $20,500 in 2022, up from $19,500 in 2020 and 2021, according to the IRS. Catch-up deposits for savers 50 and older will remain at $6,500, the IRS announced. The new amounts also apply to 403(b), most 457 and Thrift Savings Plans. The IRA limit for 2022 remains unchanged at $6,000 and hasn’t increased since 2019.
And for 2022, the dollar