Annual Plan Limits
The following are the IRS released limits for 2023:
| 401k Plan Limits for Year | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| 401k Elective Deferalls | $22,500 | $20,500 | $19,500 | $19,500 | $19,500 |
| Annual Defined Contribution Limit | $66,000 | $61,000 | $58,000 | $57,000 | $56,000 |
| Annual Compensation Limit | $330,000 | $305,000 | $290,000 | $285,000 | $280,000 |
| Catch-Up Contribution Limit | $7,500 | $6,500 | $6,500 | $6,500 | $6,000 |
| Highly Compensated Employees | $150,000 | $135,000 | $130,000 | $130,000 | $125,000 |
| Non-401k Related Limits | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| 403b/457 Elective Deferrals | $22,500 | $20,500 | $19,500 | $19,500 | $19,000 |
| SIMPLE Employee Deferrals | $15,500 | $14,000 | $13,500 | $13,500 | $13,000 |
| SIMPLE Catch-Up Deferral | $3,500 | $3,000 | $3,000 | $3,000 | $3,000 |
| SEP Minimum Compensation | $750 | $650 | $650 | $600 | $600 |
| SEP Annual Compensation Limit | $330,000 | $305,000 | $290,000 | $285,000 | $280,000 |
| Social Security Wage Base | $162,000 | $147,000 | $142,800 | $137,700 | $132,900 |