Break from the Grind November 5, 2021

FRIDAY FUN – November 5, 2021

And now it's time for some FRIDAY FUN!

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Antics at a children’s concert, a cat chilling like a human, and more.

In Hong Kong, a new bus tour is meant to appeal to people who are easily lulled asleep by long rides. “When we were brainstorming new tours, I saw a social media post from my friend saying that he was stressed out by his work, he couldn’t sleep at night,” said Kenneth Kong, the marketing and business development manager of ulu travel, the organizer of the bus tours, according to the Associated Press. “But when he was traveling on the bus, he was able to sleep well. His post inspired us to create this tour that lets passengers just sleep on the bus.” Tickets cost between $13 to $51 per person, depending on whether they choose seats on the upper or lower deck. A goodie bag for passengers includes an eye-mask and ear plugs for better sleep, the news report says.

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I’ve never seen so many antics at a children’s concert before. If you can’t view the below video, try https://youtu.be/LODNATjD36k.

A cat chilling like a human. If you can’t view the below video, try https://youtu.be/wDkoedPR1kQ.

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Compliance November 4, 2021

IRS Announces 2022 Retirement Plan Contribution and Benefit Limits

Most defined contribution plan participants can defer up to $20,500 to plans in 2022.

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The IRS has announced contribution and benefit limits for qualified retirement plans for 2022.

The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan will increase to $20,500, up from $19,500 in 2021.

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The catch-up contribution limit for employees aged 50 and over who participate in 401(k)s, 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,500.

The limitation regarding SIMPLE [savings incentive match plan for employees] retirement accounts will increase from $13,500 to $14,000.

The limit on annual contributions to an individual retirement account (IRA) remains unchanged at $6,000. The additional catch-up contribution limit for individuals age 50 and older is not subject to an annual cost-of-living adjustment (COLA) and remains at $1,000.

Effective January 1, the limitation on the annual benefit under a defined benefit (DB) plan under Section 415(b)(1)(A) of the Internal Revenue Code (IRC) will increase from $230,000 to $245,000. For a participant who separated from service before January 1, the participant’s limitation under a DB plan under Section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2021, by 1.0534.

The limitation for defined contribution (DC) plans under Section 415(c)(1)(A) (i.e., annual additions) has been increased for 2022 from $58,000 to $61,000.

The limitation used in the definition of “highly compensated employee” under Section 414(q)(1)(B) will increase from $130,000 to $135,000.

Details on these and other retirement-related COLAs for 2022 are in Notice 2021-61.

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