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

2023. 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)