Indexed Dollar Figures for Employee Benefit PlansCurrent and previous IRS indexed dollar limits for tax qualified employee benefit plans | |||
| DEFINED CONTRIBUTION 403(b) RETIREMENT PLANS | 2023 | 2022 | |
| Maximum elective deferral by employee | $ 22,500 | $ 20,500 | |
| Catch-up contribution limit (age 50 and over during year) | 7,500 | 6,500 | |
| Limit on 403(b) lifetime catch-up* | 3,000 | 3,000 | |
| Annual defined contribution maximum (employer & employee combined)** | 66,000 | 61,000 | |
| Employee annual compensation limit for calculating contributions | 330,000 | 305,000 | |
| *Available to employees with 15 or more years of service who have contributed, on average, no more than $5,000 a year to their 403(b) plan. This catch-up provision allows participants to contribute up to $3,000 per year (up to lifetime catch-up limit of $15,000) in addition to the regular contribution limit. | |||
| ** This is the limit on tax-deferred contributions made on behalf of an individual from all sources. | |||
| OTHER LIMITS | 2023 | 2022 | |
| Highly compensated employee annual compensation threshold | 150,000 | 135,000 | |
| Social Security (FICA) taxable wage base (6.2% OASDI tax) | 160,200 | 147,000 | |