2023 Contribution Limits

https://yoursummit.com/wp-content/uploads/2022/10/Plan_Sponsor_Guide-2023_Contribution_Limits.pdf

The following limits are going up for 2023: 

  • Maximum contributions for 401(k), 403(b) and 457 increases to $22,500 
  • The annual additions limit for defined contribution plans increases to $66,000
  • The annual compensation limit increases to $330,000 
  • The Social Security Wage Base increases to $160,200 

Review the full list of contribution limit changes below and share with your plan participants! 

Share the Post:

Related Posts

Is Your Retirement Plan Ready for Today’s Cybersecurity Threats? 

Practical steps to help protect participants’ data and meet your fiduciary duties.  As a retirement plan sponsor, you are juggling plenty of responsibilities. Investment oversight, fee monitoring, participant education… the list goes on. Now there’s another item on your priority list: cybersecurity.  If you’re thinking “cybersecurity is an IT issue,”

Read More »