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The IRS has released the plan limits for 2023. Please be certain to review the limits and update your systems accordingly.
Retirement Plan Limits |
2023 |
2022 |
| Compensation Limit | $330,000 | $305,000 |
| 401(k)/403(b)/457(b) Elective Deferrals | $22,500 | $20,500 |
| 401(k)/403(b) Catch-Up Contributions | $7,500 | $6,500 |
| 457(b) Catch-Up Contributions (Governmental Plans Only) | $7,500 | $6,500 |
| SIMPLE Plan Employee Deferrals | $15,500 | $14,000 |
| SIMPLE Plan Catch-Up Contributions | $3,500 | $3,000 |
| Annual Defined Contribution Limit | $66,000 | $61,000 |
| Annual Defined Benefit Limit | $265,000 | $245,000 |
| Highly Compensated Employee Threshold | $150,000 | $135,000 |
| Key Employee/Officer Threshold | $215,000 | $200,000 |
| Social Security Taxable Wage Base | $160,200 | $147,000 |
| SEP Minimum Compensation | $700 | $650 |
| SEP Maximum Compensation | $330,000 | $305,000 |
Health and Welfare Plan Limits |
2023 |
2022 |
| High Deductible Health Plans | ||
| Maximum Annual Out of Pocket - Self-Only Coverage | $7,500 | $7,050 |
| Maximum Annual Out of Pocket - Family Coverage | $15,000 | $14,100 |
| Minimum Annual Deductible - Self-Only Coverage | $1,500 | $1,400 |
| Minimum Annual Deductible - Family Coverage | $3,000 | $2,800 |
| Health Savings Accounts | ||
| Annual Contribution Limit - Self-Only Coverage | $3,850 | $3,650 |
| Annual Contribution Limit - Family Coverage | $7,750 | $7,300 |
| Catch-Up Contribution Limit | $1,000* | $1,000 |
| Health Flexible Spending Amounts | ||
| Annual Contribution Limit | $3,050 | $2,850 |
* Unchanged for 2023
