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2023 retirement plans limitations summary

November 2, 2022 Article 1 min read
Authors:
Laura Taylor Michael Krucker Ben Johnson
The IRS recently released the 2023 limits for qualified retirement plan benefits and contributions. Here’s our two-minute overview.
Business professional working at a desk using a laptop computer.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.

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