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Employee Benefits Update: IRS Benefit Plan Limitations

Retirement Age Couple Copy of Featured Images-18 - Buelow Vetter Buikema Olson & Vliet

Earlier this afternoon, the Internal Revenue Service issued the adjusted retirement plan limitations for 

  1. 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 mflanary@buelowvetter.com.

Employee Benefits Update – 2023 (00704845xBE4A3)

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