2023 retirement plans limitations summary
The IRS recently released the 2023 limits for qualified retirement plan benefits and contributions. Here’s our two-minute overview.
The IRS recently released the 2023 cost-of-living adjustments (COLAs) for pension and 401(k) plan limitations.Here are the highlights:
- The Internal Revenue Code (IRC) Section 415(c) contribution limit applicable to defined contribution retirement plans increased from $61,000 to $66,000 for 2023.
- The IRC Section 401(a)(17) annual compensation limit applicable to retirement plans increased from $305,000 to $330,000 for 2023.
- The elective deferral limit under IRC Section 402(g) increased from $20,500 to $22,500 for 2023.
- The catch-up contribution limit under IRC Section 414(v) for individuals aged 50 and over increased from $6,500 to $7,500 for 2023.
View our summary of the indexed amounts for 2020 to 2023.
