Contribution Limits will Increase to $20,500 in 2022
2022 Annual Contribution Limits
The maximum annual contribution limit for 457(b) plans – like the MO Deferred Comp Plan – will increase to $20,500 in 2022, a $1,000 increase from this year's maximum of $19,500. The higher limit also applies to employees with 401(k), 403(b), and Thrift savings plans. The catch-up contribution limit for employees age 50 and over will remain unchanged at $6,500.
| Contribution Limits | 2022 | 2021 | 2020 |
| Maximum Annual Deferral – under age 50 | $20,500 | $19,500 | $19,500 |
| Age 50 and Over Catch-up Provision Limit | $6,500 ($27,000 total) | $6,500 ($26,000 total) | $6,500 ($26,000 total) |
| Pre-Retirement Catch-up Provision Limit | $20,500 ($41,000 total) | $19,500 ($39,000 total) | $19,500 ($39,000 total) |
2022 Saver's Credit Income Limits
In addition, the income limits to claim the Saver’s Credit (also known as the Retirement Savings Contributions Credit) will increase in 2022. The Saver’s Credit is designed to help low- and moderate-income workers save for retirement by providing a dollar-for-dollar reduction on their tax bill by the amount of the credit. If you qualify, the credit is based on your contributions to an eligible retirement savings plan, like deferred comp. You may be eligible for 50%, 20% or 10% of the maximum contribution amount, depending on your filing status and adjusted gross income (AGI).
| Credit Rate | Married Filing Jointly | Head of Household | All Other Filers1 |
| 50% of your contribution | AGI not more than $41,000 | AGI not more than $30,750 | AGI not more than $20,500 |
| 20% of your contribution | $41,001- $44,000 | $30,751 - $33,000 | $20,501 - $22,000 |
| 10% of your contribution | $44,001 - $68,000 | $33,001 - $51,000 | $22,001 - $34,000 |
| 0% of your contribution | more than $68,000 | more than $51,000 | more than $34,000 |
1Single, married filing separately, or qualifying widow(er)
Visit the IRS website for more information on contribution limits and the Saver’s Credit.