Annual Plan Limits

Limits for Benefits and Contributions:

2023

2022

2021

2020

Defined Contribution Plans

$66,000

$61,000

$58,000

$57,000

Defined Benefit Plans

$265,000

$245,000

$230,000

$230,000

401(k), 403(b) and 457 Plan Elective Deferrals

$22,500

$20,500

$19,500

$19,500

SIMPLE Plan Elective Deferrals

$15,500

$14,000

$13,500

$13,500

IRA

$6,500

$6,000

$6,000

$6,000

Limits for Catch-Up Contributions:

 

 

 

 

401(k), 403(b) and 457 Plans

$7,500

$6,500

$6,500

$6,500

SIMPLE Plans

$3,500

$3,000

$3,000

$3,000

IRA

$1,000

$1,000

$1,000

$1,000

Top-Heavy "Key Employee" Definition:

 

 

 

 

Officer

$215,000

$200,000

$185,000

$185,000

1% Owner

$150,000

$150,000

$150,000

$150,000

Social Security Taxable Wage Base

$160,000

$147,000

$142,800

$137,700

Other Defined Limits

 

 

 

 

Compensation

$330,000

$305,000

$290,000

$285,000

"Highly Compensated Employee"

$150,000

$135,000

$130,000

$130,000