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.
|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
|Compensation For Highly Compensated
Employee (“HCE”) Status
|SIMPLE Maximum Deferral||13,500||14,000||15,500|
|457 Maximum Deferral||19,500||20,500||22,500|
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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].