Download PDF»
| Retirement Plan Limits | ||
| Limits on benefits and contributions | 2022 | 2023 |
| 401(k) & 403(b) plans, elective deferral limit | $20,500 | $22,500 |
| 457(b) plan, total contribution limit | $20,500 | $22,500 |
| Age 50 catch-up contribution limit | $6,500 | $7,500 |
| Defined contribution plan, total contribution limit | $61,000 | $66,000 |
| Defined benefit plan, annual accrual limit | $245,000 | $265,000 |
| “Highly compensated employee” status | $135,000 | $150,000 |
| Annual compensation limit | $305,000 | $330,000 |
| “Key employee” officer status | $200,000 | $215,000 |
| SIMPLE plans | ||
| Elective deferral limit | $14,000 | $15,500 |
| Catch-up contribution limit | $3,000 | $3,500 |
| IRAs | ||
| Contribution limit | $6,000 | $6,500 |
| Catch-up contribution limit | $1,000 | $1,000 |
| Health Care FSA | ||
| 2022 | 2023 | |
| Annual salary reduction limit | $2,850 | $3,050 |
| Health Savings Accounts | ||
| Annual HSA contribution deduction limit | 2022 | 2023 |
| Self-only coverage | $3,650 | $3,850 |
| Family coverage | $7,300 | $7,750 |
| Catch-up contribution | $1,000 | $1,000 |
| Out-of-pocket spending limit | ||
| Self-only coverage | $7,050 | $7,500 |
| Family coverage | $14,100 | $15,000 |
| Minimum annual deductible | ||
| Self-only coverage | $1,400 | $1,500 |
| Family coverage | $2,800 | $3,000 |
| Qualified Transportation Fringe Benefit | ||
| 2022 | 2023 | |
| Maximum monthly qualified parking benefit | $280 | $300 |
| Maximum monthly qualified transit pass benefit | $280 | $300 |
| Social Security Limits | ||
| 2022 | 2023 | |
| FICA wage base | $147,000 | $160,200 |
| Earnings test thresholds | ||
| Before normal retirement age | $19,560 | $21,240 |
| Year of normal retirement age | $51,960 | $56,520 |
| Maximum monthly benefit at full retirement age | $3,345 | $3,627 |
For further information regarding the 2023 benefit limits, please contact Jason Douthit at 503-796-2050 or jdouthit@schwabe.com.
This article summarizes aspects of the law and does not constitute legal advice. For legal advice for your situation, you should contact an attorney.
Sign up