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Contribute To Your Pension

The Internal Revenue Service creates annual limitations on contributions made to qualified retirement plans like Brethren Pension Plan. Here is the main type of contribution
and the limit for 2022.

Elective-deferral contributions

Elective deferrals include both pre-tax and designated Roth contributions an employee makes to an employer-sponsored retirement plan such as a 401(k) or 403(b). (Code § 402(g))

2022 Limit for people under age 50: $20,500  

 

 

 

Catch-up contributions

If you are 50 years old or older by the end of the calendar year, you may contribute additional funds to your Pension account beyond the elective-deferral contribution limit. (Code § 414(v))

2022 Limit: $6,500  

Defined contribution plan contributions

The total annual contribution, including pre-tax, tax-paid, and Roth contributions, from both an employer and an employee. The limit is the lesser of the dollar figure below or 100 percent of your pay. (Code § 415(c))

2022 Limit: $61,000               

Annual compensation limit

The maximum dollar amount that can be taken into consideration when calculating retirement benefit contributions. (Code § 401(a)(17))

2022 Limit: $305,000  

Building financial security

Bettering the world

Together

Brethren Benefit Trust provides retirement benefits, health and welfare benefits, asset management, and financial advocacy to pastors, employees, and members of the greater Church of the Brethren community.

Since it began as the Pension Board in 1943, BBT has been called to serve its members and clients, and we are thankful for that opportunity.