2023 Benefit Limits Announced

Hodgson Russ LLP

The Internal Revenue Service has announced the cost of living adjusted dollar limits applicable to benefit plans for 2023 (see IRS Notice 2022-55, Rev. Proc. 2022-38, and Rev. Proc. 2022-24).  The key limits are listed below:

Retirement Benefits

2022 Limit

2023 Limit

401(k)/403(b)/457 Plan Maximum Elective Deferral



401(k)/403(b)/457 Catch-Up



Defined Contribution Maximum Annual Addition



Defined Benefit Maximum Annual Pension



Qualified Plan Maximum Compensation Limit



Highly Compensated Employee



IRA Contribution Limit



IRA Catch-Up Contributions



Health Plan Benefits

2022 Limit

2023 Limit

Health FSA Contribution Limit



HSA Contribution Limit (Individual)



HSA Contribution Limit (Family)



HSA Catch-Up



In addition, the Social Security taxable wage base will increase from $147,000 for 2022 to $160,200 for 2023.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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