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Employee Benefits Update: IRS Benefit Plan Limitations
October 24, 2022||
Earlier this afternoon, the Internal Revenue Service issued the adjusted retirement plan limitations for
- As expected, most of the limits will significantly increase from 2022:
- Elective Deferral Limit: $22,500 (increased from $20,500 in 2022)
- Catch-Up Contributions: $7,500 (increased from $6,500 in 2022)
- 415 (Total) Plan Limit: $66,000 (increased from $61,000 in 2022)
- Compensation Limit: $330,000 (increased from $305,000 in 2022)
- Social Security Limit $160,200 (increased from $147,000 in 2022)
The attached chart shows these and several other historical limits from 2018 through 2023, and a reference to the IRS sources.
For more information regarding these updates, please contact Matthew J. Flanary at (262) 364-0253 or at email@example.com.
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