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Applicable Dollar Limits

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The following entries provide the applicable dollar limits in effect since 2019, except where otherwise noted.

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Compensation dollar limitation (IRC §401(a)(17))
Applies to compensation for a plan year beginning in the designated calendar year

Year Limit
2021
$290,000
2020
$285,000
2019
$280,000

Elective deferral limitation (IRC §§401(a)(30) and 402(g)), Including Catch-up contribution limits (IRC §414(v)), and SIMPLE Plan limits (IRC §§408(p)(2) and 401(k)(11))
Applies to the elective deferrals for the designated calendar year

Year
402(g) limit
Catch-up limit
SIMPLE plan limit
SIMPLE plan catch-up limit
2021
$19,500
$6,500
$13,500
$3,000
2020
$19,500
$6,500
$13,500
$3,000
2019
$19,000
$6,000
$13,000
$3,000

Section 415 limits
Applies to annual additions to a DC plan or the annual benefit payable from a DB plan for the limitation year ending designated calendar year

  • Year DC Limit DB Limit DB Comp Limit Factor **
    2021
    $58,000
    $230,000 1.0122
    2020
    $57,000
    $230,000 1.0176
    2019
    $56,000
    $225,000 1.0264
    ** The comp limit factor is for participants who separate from service in the before the applicable year

Taxable Wage Base
Applies to wages for the designated calendar year; for permitted disparity calculations, applies to plan years beginning in the designated calendar year

Year TWB
2022 $147,000
2021 $142,800
2020 $137,700
2019 $132,900

Compensation requirements under HCE definition (IRC §414(q))
Applies to lookback years beginning in the designated calendar year

Year Comp threshold
2021 $130,000
2020 $130,000
2019 $125,000

Compensation requirements under key employee officer test(IRC §416(i)(1))
Applies to plan years beginning in the designated calendar year

Year Comp threshold
2021 $185,000
2020 $185,000
2019 $180,000
  • For the 1% owner test, the compensation threshold is $150,000 and that is not subject to COLAs

Compensation requirement for participation in SEPs (IRC §408(k))
Applies to the employee's compensation for the designated calendar year

Year Comp threshold
2021 $650
2020 $600
2019 $600

Annual deferral limit under section 457 plans (IRC §457(b))
Applies to 457(b) deferrals for the designated calendar year; not aggregated with elective deferrals to plans that are subject to the 402(g) limit

Year Limit
2021 $19,500
2020 $19,500
2019 $19,000

ESOP Distribution Restrictions (IRC §409(o))
Applies to plan years beginning in the designated calendar year

Year Minimum Account Balance Increment Amount
2021 $1,165,000 $230,000
2020 $1,150,000 $230,000
2019 $1,130,000 $225,000

IRA contribution limits and AGI phase-outs (IRC §§219, 408 and 408A)
Applies to IRA contributions and AGIs for the designated calendar year

IRA Contribution Limits (including Roth)
Year Basic Limiit Age 50 Catch-up Limit
2021 $6,000 $1,000
2020 $6,000 $1,000
2019 $6,000 $1,000

 

AGI Phase-out of traditional IRA limit for active participants
Year Married filing jointly (or qualifyng widow(er)) Single or head of household Married filing separately Non-active participant married to active participant
2021 $105,000-$125,000 $66,000-$76,000 $0-$10,000 $198,000=$208,000
2020 $104,000-$124,000 $65,000-$75,000 $0-$10,000 $196,000-$206,000
2019 $103,000-$123,000 $64,000 - $74,000 $0-$10,000 $193,000 -$203,000

 

AGI Phase-out of Roth contribution
Year Married filing jointly (or qualifying widow(er)) Single or head of household Married filing separately
2021 $198,000-$208,000 $125,000-$140,000 $0-$10,000
2020 $196,000-S206,000 $124,000-$139,000 $0-$10,000
2019 $193,000-$203,000 $122,000 - $137,000 $0-$10,000

Health Savings Accounts (HSAs)
Applies to contribution limits, minimum deductibles, and maximum out-of-pocket expenses for the designated calendar year

Year Contribution Limit Minimum deductible for High Deductible Health Plan (HDHP) Maximum out-of-pocket expenses for HDHP
2022
  • Self-only: $3,650
  • Family: $7,300
  • Self-only: $1,400
  • Family: $2,800
  • Self-only: $7,050
  • Family: $14,100
2021
  • Self-only: $3,600
  • Family: $7,200
  • Self-only: $1,400
  • Family: $2,800
  • Self-only: $7,000
  • Family: $14,000
2020
  • Self-only: $3,550
  • Family: $7,100
  • Self-only: $1,400
  • Family: $2,800
  • Self-only: $6,900
  • Family: $13,800
2019
  • Self-only: $3,500
  • Family: $7,000
  • Self-only: $1,350
  • Family: $2,700
  • Self-only: $6,750
  • Family: $13,500

Saver’s Credit (IRC §25B)
Applies to credits for the designated calendar year; AGI above high end of 10% credit bracket entitled to $0 credit

Year AGI brackets for 50% credit AGI Brackets for 20% credit AGI Brackets for 10% credit
2021
  • Married filing jointly: $0-$39,500
  • Head of household $0-$29,625
  • Other taxpayers: $0-$19,750
  • Married filing jointly: $39,501-$43,000
  • Head of household $29,626-$32,250
  • Other taxpayers: $19,751-$21,500
  • Married filing jointly: $43,001-$66,000
  • Head of household $32,251-$49,500
  • Other taxpayers: $21,501-$33,000
2020
  • Married filing jointly: $0-$39,000
  • Head of household $0-$29,250
  • Other taxpayers: $0-$19,500
  • Married filing jointly: $39,001-$42,500
  • Head of household $29,251-$31,875
  • Other taxpayers: $19,501-$21,250
  • Married filing jointly: $42,501-$65,000
  • Head of household $31,876-$48.750
  • Other taxpayers: $21,251-$32,500
2019
  • Married filing jointly: $0-$38,500
  • Head of household $0-$28,875
  • Other taxpayers: $0-19,250
  • Married filing jointly: $38,501-$41,500
  • Head of household: $28,876-$31,125
  • Other taxpayers: $19,251-$20,750
  • Married filing jointly: $41,501-$64,000
  • Head of household: $31,126-$48,000
  • Other taxpayers: $20,751-$32,000

Penalty on Late Form 1099-Rs

Taxable year General penalty Penalty if corrected within 30 days after due date Penalty if corrected more than 30 days but before August 1st
2021 (1099-R due in 2022) [Rev. Proc. 2020-45]
  • $280 per failure
  • $3,392,000 max in CY for large filer
  • $1,142,000 max in CY for small filer
  • $50 per failure
  • $571,000 max in CY for large filer
  • $199,500 max in CY for small filer
  • $110 per failure
  • $1,713,000 max in CY for large filer
  • $571,000 max in CY for small filer
2020 (1099-R due in 2021)
  • $280 per failure
  • $3,392,000 max in CY for large filer
  • $1,130,500 max in CY for small filer
  • $50 per failure
  • $556,500 max in CY for large filer
  • $194,500 max in CY for small filer
  • $110 per failure
  • $1,696,000 max in CY for large filer
  • $565,000 max in CY for small filer
2019 (1099-R due in 2020)
  • $270 per failure
  • $3,339,000 max in CY for large filer
  • $1,113,000 max in CY for small filer
  • $50 per failure
  • $565,000 max in CY for large filer
  • $197,500 max in CY for small file
  • $110 per failure
  • $1,669,500 max in CY for large filer
  • $556,500 max in CY for small filer

A "large filer" is a person with average annual gross receipts for the most recent 3-taxable-year period of more than $5 million; a "small filer" has average gross receipts of less than that.

Maximum Aggregate Premiums for Qualified Longevity Contract (QLAC)
Limit applies to aggregate QLAC premiums for the designated calendar year

Year Limit
2021 $135,000
2020 $135,000
2019 $130,000

PBGC Premiums and Guaranteed Benefit
Premium rates effective for premium years beginning in the designated calendar year (for premium rates in other years, see https://www.pbgc.gov/prac/prem/premium-rates); guaranteed benefit limits effective for termination dates falling in the designated calendar year (for maximum guaranteed benefits in other years, see https://www.pbgc.gov/wr/benefits/guaranteed-benefits/maximum-guarantee).

Flat Rate Premiums
Premium Year General Multiemployer Plans CSEC Plans
2022 $88 per participant $32 per participant $19 per participant
2021 $86 per participant $31 per participant $19 per participant
2020 $83 per participant $30 per participant $19 per participant
2019 $80 per participant $29 per participant $19 per participant

For CSEC plans, premiums were at the general rate for pre-2019 years and the $19 per participant rate is not subject to COLAs. The SECURE Act lowered the rates for CSEC plans starting in the 2019 plan year.

Variable Rate Premiums (VRPs)
Premium Year General CSEC Plans Per participant CAP on VRP
2022 $48 per $1,000 of underfunding $9 per $1,000 of underfunding $598
2021 $46 per $1,000 of underfunding $9 per $1,000 of underfunding $582
2020 $45 per $1,000 of underfunding $9 per $1,000 of underfunding $561
2019 $43 per $1,000 of underfudning $9 per $1,000 of underfunding $541

"Underfunding" means the value of Unfunded Vested Benefits (UVB). For CSEC plans, premiums were at the general rate for pre-2019 years and the $9 per $1,000 of underfunding rate is not subject to COLAs. The SECURE Act lowered the rates for CSEC plans starting in the 2019 plan year. Multiemployer plans are not subject to the VRP.

Maximum Guaranteed Benefits
Year of plan termination Maximum Monthly Guarantee at age 65
2021 $6,034.09
2020 $5,812.50
2019 $5,607.95

The monthly benefit shown in the table is for a single life annuity.

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