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Jack Owen’s Tax-Exempt Alert NOVEMBER 2022

The IRS recently announced the new annual qualified retirement plan benefit limits for 2023. Set forth in the table below is a summary of the most relevant new limits for 2021 – 2023.

These lists are mainly of interest to those of you familiar with retirement plans. If you do not understand the types of retirement plans referred to below or have any other questions regarding retirement plans in general, please contact our office for more information. Thank you.

2021 2022 2023
415 Limit for Defined Benefit Plans $230,000 $245,000 $265,000
415 Limit for Defined Contribution Plans 58,000 61,000 66,000
401(k) and 403(b) Maximum Deferral 19,500 20,500 22,500
Catch-up Contributions (age 50 and over) 6,500 6,500 7,500
Social Security Taxable Wage Base 142,800 147,000 160,200
Maximum Compensation Allowable for

Benefit Purposes

290,000 305,000 330,000
Compensation For Highly Compensated

Employee (“HCE”) Status

130,000 135,000 150,000
SIMPLE Maximum Deferral 13,500 14,000 15,500
457 Maximum Deferral 19,500 20,500 22,500


We sincerely hope you appreciate receiving the information in this newsletter.  But in case you do not want to receive it, please contact Diane Trichtinger at 412-745-1040, or [email protected] to be removed from this list.  Likewise, please contact Diane with any colleagues or other persons who you would like to add to this list.  

Note:  This provides general information regarding matters of interest to tax-exempt organizations.  Such information is neither legal advice nor legal opinion concerning particular situations.  If legal advice or opinion is required, legal counsel should be consulted.  

We would be pleased to address any questions you may have regarding the foregoing or any other tax-exempt issues.  For further information, please contact Mike Dutkovich (412-765-0535), [email protected]; Susan Ott (412-745-9900), [email protected]; or Jack Owen (412-765-1020), [email protected].

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    Pittsburgh, Pennsylvania 15219
    Phone: 412-745-1040
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