Save More for Retirement in 2022
On November 4, 2021, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans for 2022. In October, the Social Security Administration announced a benefit increase of 5.9%, the largest increase in nearly 40 years. Following suit, many retirement plan limits have increased as well, compared to the 2021 levels. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the cost of living from year to year. Click below to take a deeper dive into the 2022 limits, and as always, please reach out to your Rea retirement plan specialist for questions.
What’s Inside This Edition Of Benefit Insights?
In addition to the cost of living adjustments article, this edition of our non-technical review of qualified retirement plan legislative and administrative issues includes the additional articles and resources:
- Form 5500 Filing Extensions for FEMA Designated Disaster Areas
- Participant Distribution Fraud in the “New Normal”
Looking for more information or for assistance with the administration of your company’s retirement plan? Contact us to speak with a member of our retirement plan administration services team.