APA Retirement Plan Insights

2023 Qualified Plan Limits

The 2023 qualified plan limits are out. Deferral limits for 401(k), 403(b) and 457 plans are now $22,500. This is an increase of $2,000 over 2022. For those age 50 or older, the catch-up limit is now $7,500.  

Please note that non-governmental 457(b) plans are not able to utilize the catch-up provision. The maximum annual additions to defined contribution plans is $66,000, up from $61,000 for 2022.  The Social Security maximum taxable wage base increased from $147,000 to $160,200. Finally, the maximum annual considered compensation is now $330,000.

Have additional questions about retirement plans for your business or clients?  Contact American Pension Advisors for all your retirement plan services.

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