Plan Limits

The Internal Revenue Service has issued its annual cost-of-living adjustments applicable to dollar limitations for pension plans.

The dollar limits are as follows:

Plan/IRA Limits

2023

2022

2021

2020

401(k),403(b), and SARSEP maximum deferral $22,500 $20,500

$19,500

$19,500

457 maximum deferral $22,500 $20,500

$19,500

$19,500

Catch-up for 401(k), 403(b), SARSEP, and 457 $7,500 $6,500

$6,500

$6,500

SIMPLE election maximum deferral $15,500 $14,000

$13,500

$13,500

Catch-up for SIMPLE $3,500 $3,000

$3,000

$3,000

DB – annual benefit $265,000 $245,000

$230,000

$230,000

DC – annual contribution $66,000 $61,000

$58,000

$57,000

Compensation Limits $330,000 $305,000

$290,000

$285,000

Highly Compensated Employees Compensation $150,000 $135,000

$130,000

$130,000

Key Employees

Officer Compensation

$215,000

$200,000

$185,000

$185,000

Key Employees

1% Owner

$150,000

$150,000

$150,000

$150,000

Compensation Limits

Social Security

$160,200

$147,000

$142,800

$137,700