HR and Benefits
Contribution Limits Changing for MHS Defined Contribution Retirement Plan and SSS Defined Contribution Retirement PlanPublished: Nov. 23, 2021
The 2022 contribution limits have changed for the MHS Defined Contribution Retirement Plan (also known as the 403(b) Plan) and the SSS Defined Contribution Retirement Plan (also known as the 401(k) Plan).
- The annual contribution limit is $20,500 in 2022.
- The annual “catch-up” contribution limit remained unchanged at $6,500 in 2022. You are eligible for this “catch-up” contribution if you will be age 50 or older on Dec. 31, 2022.
- The plan maximum for employer matching contributions in 2022 is $6,100.
- Be sure to contribute at least 2% of your compensation each paycheck you receive in 2022 so you receive the maximum employer matching contribution you are entitled to! You will not receive an employer matching contribution for any check you do not make an employee contribution from.
If you participate in either of these plans and want to change your election to be effective with your first check in January, you must change your election no later than Dec. 14 if you are a monthly paid employee, or Dec. 23-Jan. 5 if you are a biweekly paid employee. To change your election, you may either call the Principal Financial Service Center at 1-800-547-7754 or go online at www.principal.com.