The 2022 plan contribution limits increased from $19,500 to $20,500. Participants age 50 or older can contribute an additional $6,500 a year for a maximum annual contribution of $27,000. There is also a special catch-up contribution available to employees who are within 3 years of their normal retirement age (please contact HR or us for additional information on the special catch-up contribution).
Remember, changes to contributions are implement the first pay of month after you submit your contribution change to HR. This can be done on the Alerus participant website or by contacting HR. Also, when computing the maximum contribution, you need to consider the employer contribution of $4 per pay. Below is an example on how to compute the maximum per pay contributions for 2022
Up to Age 49 and 26 pays
$20,500 - $104 (employer contribution) = $20,396 / 26 pays = $784.46
Up to Age 50 or Older and 26 pays
$27,000 - $104 (employer contribution) = $26,896 / 26 pays = $1,034.46
If you have any questions, please Contact Us.