On October 21, 2022 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. All of the limits shown below have increased (in some cases significantly) from last year.
All of the above are plan year limits (i.e., for the plan year which begins in 2023), with the exception of the Code Section 401(k) and Code Section 403(b) elective deferral limit, which is a calendar year limitation.
In addition, the Department of Health and Human Services has set the maximum taxable wages for the OASDI portion of the social security tax at $160,200 for 2023, which is an increase from the 2022 limit of $147,000.
