2023 EMPLOYEE BENEFIT PLAN LIMITS
The IRS recently released employee benefit plan limits for 2023. There are several changes for 2023.
| PLAN LIMITATIONS | 2021 | 2022 | 2023 |
| Annual Compensation Limit | $290,000 | $305,000 | $330,000 |
| Defined Contribution Maximum Annual Contribution | $58,000 | $61,000 | $66,000 |
| Annual §401(k) Employee Deferral Limit | $19,500 | $20,500 | $22,500 |
| Age 50 Catch-up Contributions to §401(k) Plan | $6,500 | $6,500 | $7,500 |
| Highly Compensated Employee Threshold | $130,000 | $135,000 | $150,000 |
| Income subject to Social Security Wage Base | $142,800 | $147,000 | $160,200 |
| Traditional or Roth IRA Limit | $6,000 | $6,000 | $6,500 |
| Age 50 IRA Catch-up Limit | $1,000 | $1,000 | $,1000 |
Please share this information with your payroll personnel so they are aware of these limits.