The 2023 Retirement Plan Contribution Limits

Extra! Extra! The IRS has released the 2023 contribution limits. In past years we would list only the limits that changed.  With almost everything changing at historic levels, we have provided a few highlights and a look to our historical limitations chart.    

The following are some of the key increases to the 2023 limits:

Compensation and Benefit Limits 

• Annual compensation limit: $330,000
  

• Elective Deferrals: 401(k) Plans: $22,500

• Catch-up contribution limit for 401(k) plans: $7,500

• Annual additions limit for defined contribution plans: $66,000
• Annual additions limit for defined benefit plans: $265,000
• Social Security Wage Base: $160,200

Testing Limits

• Highly compensated employee: $150,000
• Key employee based on officer status: $215,000

 You can find a chart of these limits from 2014 to 2023 here in the DWC Knowledge Center.