The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2022, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is $20,500 (or $27,000 with age 50 or older catch-up contributions). In 2022, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $61,000. If you’re age 50 or older, you can contribute an additional $6,500, for a total of $67,500. Your before-tax, Roth after-tax, regular after-tax and company matching contributions all count toward the annual limits.
The table below provides a breakdown of each type of contribution you can make.
| Contributions | |||
|---|---|---|---|
| Regular | Catch-Up | Total | |
| Combined Before-Tax and Roth After-Tax | $20,500 | $6,500 | $27,000 |
| Company Match | Varies depending on eligible pay | Not applicable | Varies depending on eligible pay |
| Regular After-Tax* | $40,500 less company match | Not applicable | $40,500 less company match |
| Combined Total | $61,000 | $6,500 | $67,500 |