January 30, 2023

Volume XIII, Number 30

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January 27, 2023

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2023 Employee Benefit Plan Limits

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

© 2007-2023 Hill Ward Henderson, All Rights ReservedNational Law Review, Volume XII, Number 295
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About this Author

Al Ward Executive Compensation Hill Ward Henderson
Shareholder

Al is Co-Chair of the firm's Executive Compensation & Employee Benefits practice. Al is recognized throughout the professional community for his depth of experience and knowledge in the employee benefits area. Prior to entering the practice of law, Al was an actuarial and employee benefits consultant for over eight years.

Al has focused for over four decades on executive compensation, employee benefits, trusts and taxation. He represents many clients including publicly traded and privately held, taxable or tax-...

813.222.8703
Kirsten Vignec Employee Benefits Attorney HIll Ward Henderson
Shareholder

Kirsten is a Shareholder in the firm's Corporate & Tax Group and practice co-chair of the Executive Compensation & Employee Benefits Group. Kirsten’s practice involves employee benefit matters associated with the design and ongoing administration of executive deferred compensation plans, welfare benefit plans, Section 401(k) plans, profit sharing plans, and pension plans. Kirsten represents tax-exempt entities, for-profit, private, and publicly-traded companies.

Kirsten represents clients before the IRS, DOL, and the PBGC with respect to employee benefits matters.

She...

813.222.8731
Bret Hamlin employee benefit lawyer Hill Ward Henderson
Shareholder

Bret is a Shareholder in the firm’s Executive Compensation & Employee Benefits Group. He practices primarily in the areas of employee benefits, deferred compensation and trusts. Prior to entering the private practice of law, he provided plan design and consulting, third-party administration and investment, as well as retirement plan education services for clients. 

Bret represents large, medium and small employers with respect to many employee benefit matters, including both single employer and multiple employer qualified retirement plans, deferred...

813.222.8717
Timothy P Zehnder employee lawyer Hill Ward Henderson
Associate

Tim is an Associate in the firm’s Executive Compensation & Employee Benefits Group. His practice focuses primarily on advising client employers (private and public, tax-exempt and for-profit) on a wide variety of compensation and benefits matters, including plan design, administration and termination, compliance with applicable laws (including the Internal Revenue Code, ERISA, HIPAA, and the Affordable Care Act), and resolution of compliance issues with the Internal Revenue Service, Department of Labor and Pension Benefit Guaranty Corporation.  Tim has experience assisting...

813 222 3113
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