The IRS has issued Notice 2022-55 announcing the retirement plan limits for 2023.
Download this FYI Alert as a printable PDF.
Retirement plan limits
The table below lists the key 2023 limits side by side with those in effect for 2022 — all these limits have increased from 2022 to 2023.
|
2023 |
2022 |
|
| 401(k)/403(b) elective deferral maximum |
$22,500 |
$20,500 |
| §415 defined benefit dollar maximum |
$265,000 |
$245,000 |
| §415 defined contribution annual addition maximum |
$66,000 |
$61,000 |
| §457(b) plan deferral limit |
$22,500 |
$20,500 |
| §401(a)(17) annual compensation limit |
$330,000 |
$305,000 |
| §414(q) highly compensated employee limit |
$150,000 |
$135,000 |
| §414(v) catch-up contribution limit |
$7,500 |
$6,500 |
| §416(i) top-heavy key employee officer limit |
$215,000 |
$200,000 |
In closing
Our For Your Reference document outlining key retirement, health and other benefit plan limits and various key social security and Medicare figures, will be available shortly from your consultant and on Buck.com.
Volume 45 | Issue 29