Important Plan Limits

IRS Announces Plan Limits for 2023

On October 21, 2022, the IRS released cost-of-living adjustments for various retirement plan limitations that will take effect on January 1, 2023. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.

Description

2022 2023
401(k) Deferrals
20,500
22,500
401(k) Catch-Up Deferrals (Age 50+)
6,500 7,500
SIMPLE Deferrals
14,000
15,500
SIMPLE Catch-Up Deferrals (Age 50+)
3,000 3,500
DC Plan Contribution Limit (Section 415)
61,000
66,000
Plan Compensation Limit
305,000
330,000
HCE Compensation Limit
135,000
150,000
SS Taxable Wage Base
147,000
160,200