As you may be aware, each year the IRS adjusts its dollar limitations on benefits, contributions and key employee compensation under qualified retirement plans. These changes affect how plan sponsors must administer their plans in the upcoming year. The 2023 limits were recently announced.
- Salary deferrals for 401(k), 403(b) and 457 plans increase to $22,500
- Highly Compensated Employee compensation will increase to $150,000
- All limits on the chart have increased from 2022
Plan Deferral Limits for 2019-2023
*This catch-up limit only applies to governmental 457 plans. Other special catch-up rules apply to tax exempt organizations that sponsor 457 plans.
For the complete chart, please click here to view and download. If you have questions about this information or how it may apply to your plan, please contact Midland Retirement Plan Services at (815) 231-2816 or firstname.lastname@example.org.