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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

 


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