October 25, 2022

It’s All About the Benjamins…2023 IRS Limits Announced

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Holland & Hart - The Benefits Dial

The IRS has announced the 2023 cost of living adjustments to qualified plan limits. As expected, many of the limits increased substantially compared with prior years. Below are the highlights, and our full historical chart can be found here for easy reference.

	2023	2022	2021
Annual Compensation	330,000	305,000	290,000
Elective Deferrals	22,500	20,500	19,500
Catch-up Contributions	7,500	6,500	6,500
Defined Contribution Limit	66,000	61,000	58,000
ESOP Distribution Limits	1,330,000 265,000	1,230,000 245,000	1,165,000 230,000
Defined Benefit Limit	265,000	245,000	230,000
HCE Threshold	150,000	135,000	130,000
Key Employee	215,000	200,000	185,000
457 Elective Deferrals	22,500	20,500	19,500
Taxable Wage Base	160,200	147,000	142,800

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.