| Date: | 01/10/2022 |
|---|---|
| Referenced Sources: | PERAC Website |
PERAC Memo #2, 2022
- This page, #2: 2022 Limits under Chapter 46 of the Acts of 2002 , is offered by
- Public Employee Retirement Administration Commission
Memorandum
Memorandum #2: 2022 Limits under Chapter 46 of the Acts of 2002
Contact for #2: 2022 Limits under Chapter 46 of the Acts of 2002
Public Employee Retirement Administration Commission
Phone
Main Number
Call Public Employee Retirement Administration Commission, Main Number at (617) 666-4446
Hours: 9:00 a.m. to 5:00 p.m., Monday through Friday
For deaf, hard of hearing, or speech impaired
Fraud Hotline
Call Public Employee Retirement Administration Commission, Fraud Hotline at (800) 445-3266
Call to report suspected pension fraud
Online
Table of Contents
To All Retirement Boards:
TO: All Retirement Boards
FROM: John Parsons, Esq., Executive Director
RE: 2022 Limits under Chapter 46 of the Acts of 2002
DATE: January 10, 2022
Prior PERAC Memos (#27, 2002, #45/2002, and #17/2003) briefly outlined Chapter 46 of the Acts of 2002. This law brought the Massachusetts Retirement Law into compliance with Federal Limitations on the compensation used to calculate retirement allowances and the dollar amounts of retirement allowances. This provision generally affects only the highest-paid employees and will not apply to most retirement system members.
The regulations regarding Section 401(a)(17) (compensation limit) and Section 415 (benefit limit) of the Internal Revenue Code are quite complex and can vary under individual circumstances. The general compensation limit for 2022 is $305,000. The general benefit limit for 2022 is $245,000 per year for a member retiring at age 65 although this limit is generally reduced for retirement prior to age 62. These limitations are indexed each year.
Please contact John Boorack if you have any questions.
Commission Members:
Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Richard MacKinnon, Jr.
Jennifer F. Sullivan
Downloads for #2: 2022 Limits under Chapter 46 of the Acts of 2002
Open PDF file, 130.24 KB,
PERAC Memo #2, 2022
(English, PDF 130.24 KB)
Contact for #2: 2022 Limits under Chapter 46 of the Acts of 2002
Phone
Main Number
Call Public Employee Retirement Administration Commission, Main Number at (617) 666-4446
Hours: 9:00 a.m. to 5:00 p.m., Monday through Friday
For deaf, hard of hearing, or speech impaired
Fraud Hotline
Call Public Employee Retirement Administration Commission, Fraud Hotline at (800) 445-3266
Call to report suspected pension fraud