Retirement Plan Limits for -
The Internal Revenue service has recently announced the cost-of-living adjustments applicable to dollar limitations for tax qualified retirement plans. The limits are generally effective January 1, of the current year. The limits are as follows:
Deferral Limits |
2022 |
2023 |
Maximum 403(b), 457(b) & 401(k) Contributions |
$20,500 |
$22,500 |
Maximum 401(k) Catch-Up Contribution |
$6,500 |
$7,500 |
Simple IRA Maximum Simple IRA Catch-Up |
$14,000 $3,000 |
$15,500 $3,500 |
Benefit Limits |
|
|
IRC 415(c) Defined Contribution |
$61,000 |
$66,000 |
415(b) Defined Benefit |
$245,000 |
$265,000 |
|
|
|
Compensation Limits |
|
|
Maximum Compensation Limit |
$305,000 |
$330,000 |
Highly Compensated Employee |
$135,000 |
$150,000 |
Key Employee Compensation for Top Heavy |
$200,000 |
$215,000 |
|
|
|
Social Security |
|
|
Social Security Wage Base (OASDI basis) |
$147,000 |
$160,200 |
The above does not constitute, and should not be considered to be, legal or tax advice. The tax rules are complicated and their impact on a particular individual may differ depending on the individuals specific circumstances. Please consult with a legal or tax advisor regarding your specific situation.