Recently, The Internal Revenue Service issued the pension plan limitations for the 2023 tax year. Below is a summary of these limitations. This is for informational purposes and may be used for year-end planning of your retirement plan contributions.
LIMITS
401(K) Elective Deferral (calendar year)401(k) Catch-up Contribution (age 50 & Older)Annual Defined Contribution LimitAnnual Defined Contribution Limit (over age 50)Plan Participant Compensation LimitSocial Security Wage BaseHighly Compensated Employee CompensationOfficer Compensation for Key Employee Definition2023
$22,500$7,500$66,000$73,500$330,000$160,200$150,000$215,000
If you have any questions regarding the above, please give our office a call at 414-545-0085.