Annual Plan Limits
Each year the U.S. government adjusts the limits for qualified plans and
Social Security to reflect cost-of-living adjustments and changes in the law. Many of these limits are based on the "plan year" as defined in the plan
document. The elective deferral and catch-up limits are always based on the
calendar year.
Type |
2023 |
2022 |
2021 |
Contribution and Benefit Limits |
|
|
|
Elective Deferral Limit |
$22,500 |
$20,500 |
$19,500 |
Catch-Up Contributions |
$7,500 |
$6,500 |
$6,500 |
Annual Contribution Limit |
$66,000 |
$61,000 |
$58,000 |
Annual Contribution Limit including Catch-Up Contributions |
$73,500 |
$67,500 |
$64,500 |
Annual Benefit Limit |
$265,000 |
$245,000 |
$230,000 |
Compensation Limits |
|
|
|
Maximum Plan Compensation |
$330,000 |
$305,000 |
$290,000 |
Income Subject to Social Security |
$160,200 |
$147,000 |
$142,800 |
Key EE Compensation Threshold |
$215,000 |
$200,000 |
$185,000 |
Highly Compensated EE Threshold |
$150,000 |
$135,000 |
$130,000 |
IRA Limits |
|
|
|
SIMPLE Plan Elective Deferrals |
$15,500 |
$14,000 |
$13,500 |
SIMPLE Catch-Up Contributions |
$3,500 |
$3,000 |
$3,000 |
Individual Retirement Account (IRA) |
$6,500 |
$6,000 |
$6,000 |
IRA Catch-Up Contribution |
$1,000 |
$1,000 |
$1,000 |
|
|
|