2022 contribution limit for 401(k) plans will increase to $20,500. Employees 50 and older can make an annual catch-up contribution up to $6,500 in 2022 (same as 2021), for a total contribution of $27,000.
There are many benefits for employers that offer a 401(k) plan. It can give employers an edge when it comes to attracting and retaining talent. And 401(k) plans are tax-deductible for employers.
For information about the Western Growers Retirement Security Plan, contact Western Growers Financial Services.
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