The 2023 and 2022 benefit and contribution limits are as follows:
(Increased limits from 2022 are shown below in bold)
Important Annual Limits |
2023 |
2022 |
| Maximum Employee Deferral Limit (401(k), 403(b), & 457) |
$22,500 | $20,500 |
| Employee Catch-Up Contribution (401(k), 403(b) & 457 - if age 50 or older by year-end) |
$7,500 | $6,500 |
| Defined Contribution Maximum Limit (employee + employer contributions) |
$66,000 | $61,000 |
| Defined Contribution Maximum Limit (employee + employer contributions, if age 50 or older by year-end) |
$73,500 | $67,500 |
| Employee Compensation Limit | $330,000 | $305,000 |
| Key Employees Compensation Threshold | $215,000 | $200,000 |
| Highly Compensated Employees Threshold | $150,000 | $135,000 |
| Social Security Taxable wage Base | $160,200 | $147,000 |
| IRA Contribution Limit | $6,500 | $6,000 |
| IRA Catch-Up Contribution Limit | $1,000 | $1,000 |
| Defined Benefit Dollar Limit | $265,000 | $245,000 |
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Heather Craigg