2023 Employee Benefit Plan Limits
Saturday, October 22, 2022

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

 

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