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IRS Announces 2023 Retirement Plan Contribution and Benefit Limits

These adjustments are calculated and released by the Internal Revenue Service (IRS) each year. Released on October 21, IRS Notice 2022-55 provided tax inflation adjustments for 2023.

There are several changes in many of the 2023 plan limits so be sure to view a detailed listing below:

PLAN LIMITS202320222021
401(k)/403(b) Deferrals$22,500*$20,500$19,500
401(k)/403(b) Catch Up            $7,500*$6,500$6,500
SIMPLE Deferrals                     $15,500*$14,000$13,500
SIMPLE Plan Catch Up$3,500*$3,000$3,000
457 Deferrals              $22,500*$20,500$19,500
IRA Catch Up                      $1,000$1,000$1,000
Defined Contribution               $66,000*$61,000$58,000
Defined Benefit        $265,000*$245,000$230,000
Includible Compensation$330,000*$305,000$290,000
Tax Credit ESOP Maximum Balance                $1,330,000*$1,230,000     $1,165,000        
Social Security Taxable Wage Base                      $160,200*$147,000$142,800
SEP Min. Participation Threshold    $750*$650$600
SEP Maximum Participation Threshold$330,000*$305,000$290,000
Key Employee          $215,000*$200,000$185,000
Highly Compensated Employee$150,000*$135,000$130,000
Maximum Monthly Social Security $3,627*$3,348$3,148
HSA Individual Contribution$3,850*$3,650$3,600
HSA Family Contribution                  $7,750*$7,300$7,200
HSA Catch Up Contribution (ages 55+)$1,000$1,000$1,000
HDHP Minimum Individual Deductible$1,500*$1,400$1,400
HDHP Minimum Family Deductible$3,000*$2,800$2,800
HDHP Out-of-Pocket Maximum - Self$7,500*$7,300$7,000
HDHP Out-of-Pocket Maximum - Family$15,000*$14,100$14,000
Monthly Transit/Van Pooling$300*$280$270
Monthly Qualified Parking      $300*$280$270
FSA Medical Maximum Deferral         $3,050*$2,850$2,750
Medical FSA Carryover$610*$570$550
FSA Dependent Care Max. Deferral   $5,000$5,000$10,500
* Indicates a change from 2022 to 2023.

Download the complete list of 2023 limitations for benefit plans (PDF).

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